A startup that aims to make it much easier for fintechs to partner with incumbent financial institutions has raised $5 million in seed funding from angel investors.
London-based Mmob, which was founded in 2020, has developed a range of no-code tools that aim to alleviate the barriers to embedded finance, which enables non-financial services companies to offer banking services beyond online payments, such as bank accounts, wallets, or loans.
The company enables incumbents to choose from a range of partners to embed into their site. Mmob counts insurance startup Superscript and pension management firm Pensionbee among its users.
“The legacy industries have struggled with R&D and consumer services, whereas fintechs don’t always have the size and scale, or volume — and their biggest pain point is customer acquisition cost,” said founder Irfan Khan, who previously worked in financial services and launched and exited a B2C fintech. Khan said he wanted his startup to become a conduit between emerging fintechs and more established incumbents.
Mmob has designed tools that enable its commercial partners to download a single widget that allows them to utilize products that cater to their customers’ financial needs. It also deploys a no-code tool that fintechs can use to work with digital brands.
Its revenue model has been curated to fit regulatory requirements both in the UK and in global markets such as Malaysia, where Mmob is also operating. Commercial partners can pay a license fee to access products and there is also an enterprise model that allows users to access the whole ecosystem. 
For this round, Khan “purposely chose to take angel-based investments within the industry”, and “excluded VC and PE firms.”
“Everyone wants to get into embedded finance, but I know what the trade-offs are and they’re not necessarily aligned with what we want to do now,” he said. “We have a very clear vision of what we want to develop with our funds.”
Mmob also plans to expand globally in the next 6 months. With the fresh funds, Mmob will accelerate its growth into markets in Southeast Asia, such as Malaysia and Singapore, where embedded finance is a more nascent sector. 
“This gives us access to markets that aren’t necessarily mature, to build out the program and work with local technology firms and regulators, and take them through this journey,” Khan said.
Check out the 10-slide pitch deck it used below. 
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