US-based embedded banking fintech startup Wise has closed a $12m Series A funding round to boost its growth and partnerships.

The funding round was led by e.ventures, with participation from Grishin Robotics, and existing investors Base10 Partners and Techstars.

The latest funding round brings the total amount raised by the company to date to $18m, following a $5.7m seed round six months ago.

Wise will use the fresh capital to accelerate its growth and partnerships across various verticals.

The company will also extend its technology to support a fully-managed, embedded banking experience.

Additionally, Wise has already inked many partnerships with software-as-a-service (SaaS) B2B companies, enabling them to offer no-code banking services to their clients.

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Wise co-founder and CEO Arjun Thyagarajan said: “We built banking so our partners do not have to. By embedding banking, Wise unlocks deep product offerings and better customer experiences for our partners. e.ventures built a thesis on exactly this, and we agree 100%.”

Wise president Raghav Lal said: “Embedded experiences drive product engagement through the roof! It is a win-win-win proposition for everyone involved – Wise, its partner, and the small business that lives inside the partner ecosystem.”

Wise partner and RemoteTeam CEO Sahin Boydas said: “In a world where more people are working remotely than ever before, it is important for RemoteTeam to provide its customers with a modern, instant payroll experience. Embedding banking solves a major pain point that makes RemoteTeam a standout offering in the payroll industry.”