Embedded Finance Network mmob Closes £5 million Seed Round
mmob, the UK’s first embedded finance network has today announced the successful completion of a £5m seed round. The investment was raised from a group of angel investors including high net worth individuals and senior banking executives. mmob will use the investment to advance the development of its technology platform, enter new markets including Malaysia, and further its leadership position within embedded finance.
mmob empowers consumer-facing fintechs to supercharge their growth through the rapid integration and delivery of relevant products and services that meet their customers’ financial needs. Its close links to the banking sector has enabled it to execute and mobilise quickly. Since its inception, the company has built an impressive network of partners including PensionBee, iwoca, Cuckoo, Superscript, So-Sure, Anorak, and Uinsure.
“With growth expected to increase from around £32 billion in 2020 to over £100 billion by 2026, embedded finance is one of the most exciting growth areas in fintech today,” said James Gossip, investor and former Head of Strategy, and COO for HSBC in Malaysia. “The investment will enable mmob to further invest in its platform and team to help brands capitalise on the opportunity presented by embedded finance and become a prominent force in driving the sector’s growth.”
mmob was established in 2020 to deliver the onward journey of embedded finance, for both financial and non-financial brands. The company is led by founder and CEO, Irfan Khan, a specialist in digital transformation and FinTech.
“Due to advances in technology and the wealth of data available, brands can responsibly respond to consumer demand and offer personalised options and attractive pricing for financial services,” said Irfan Khan, CEO, mmob. However, ease of integration between providers is key to fueling the sector’s growth. This funding will enable us to further expand our operations in the UK and Malaysia, and establish ourselves as the de facto leader and number one choice for embedded financial services moving forward.”
mmob’s embedded finance network has been engineered to eliminate the complexity, time, and resources consumer-facing fintechs need to select and deploy partner-driven services. Through its API, brands can quickly and easily connect to mmob’s network of third-party partners (TPPs) and embed new services that drive customer engagement and retention.