Globally, embedded finance platforms are foraying into different spaces to drive growth in businesses. For instance,
Through Alviere, AutoPayPlus will now be able to provide car buyers with a prepaid promotional debit card that can be used at the selling dealership’s service department. Consequently, this will help the company improve dealer revenue and customer retention since the card will have a built-in loyalty program for the AutoPayPlus dealership partners.
As per National Automotive Dealers Association, around 13% of car buyers maintain their vehicles at the dealership where they bought their car from, and nearly 76% of car buyers become repeat buyers if they service their car at the same dealership where they bought it.
Therefore, it is expected that through Alviere’s embedded financial services, AutoPayPlus is likely to transform relationships with consumers, driving growth over the next four to eight quarters. Additionally, both the companies intend to introduce more embedded finance offerings this year, which will provide impetus to the growth of the companies from a medium to long-term perspective.
In May 2021, Alviere entered into a strategic partnership with cross-border finance specialist Currencycloud. Due to the high demand for cross-border functionality from the customers, Alviere developed a multicurrency cross-border embedded finance solution with Currencycloud.
Notably, the partnership enables the embedded finance provider to offer enterprise clients with Currencycloud’s Spark product’s multicurrency eWallet. Through this wallet, the customers with International Bank Account Numbers (IBANs) will be able to transact instantly in 38 currencies.
Due to the increasing demand of businesses to embed financial products into the offerings through apps, Alviere, with Currencycloud’s product, launched The Hive platform. It is the Financial Services as a Platform (FsaP). Therefore, the embedded finance company is likely to attract a significant customer base with its unique offering over the next few quarters.
Because of its innovative product offerings, the fintech raised a total of US$70 million of funding. Due to the strong adoption of The HIVE, Alviere’s embedded finance platform, the company added a US$50 million investment in a Series B round. Prominent institutional fintech investors, together with the existing investors, participated in the funding. Also, in April 2021, Alviere raised US$20 million Series A led by Viola Ventures and Viola Fintech.
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