The majority of B2B SaaS product managers plan to adopt and utilise embedded finance as part of their near-term roadmap. Research released by embedded finance company Weavr is set out in a white paper entitled ‘The next step for B2B SaaS’.
Weavr white paper key takeaways
- 55% of B2B SaaS product managers believe that embedding finance will provide them with a clear competitive advantage.
- 74% of B2B SaaS product managers have a built-in payment wallet on their roadmap.
- 62% of B2B SaaS product managers say they plan to implement both built-in payment wallets and debit cards, while only 4% have done so already.
- 33% of CPOs see reducing churn as their most important feature driver
Examples of use cases for embedded finance in B2B SaaS products include spendable employee benefits, modernisation of expense management, integrated bill payment for IT and cloud subscription management, and automation of batch payments in accounting tools. Embedded finance involves non-fintech apps and products integrating payments and other regulated financial features seamlessly within their application branding and user experience.
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The research highlights rapidly growing awareness of embedded finance within the sector. The white paper underlines the key drivers for embedding finance across B2B SaaS. In addition, it reveals the timeframes SaaS product managers have established for their projects. And it confirms the business case for embedding financial capabilities through payment wallets and debit cards within B2B SaaS services.
Boosting customer growth, attractive new revenue streams
Alex Mifsud, co-founder and CEO, Weavr, said: “In a challenging economic market, venture-capital-invested SaaS businesses have found it difficult to increase revenue by throwing money at customer acquisition. To secure renewed funding, they must now demonstrate a clear path to profitability to attract new investment and continue their paths. Our research shows that embedded finance technology is becoming suitable for mainstream adoption at the right time to help companies access the customer growth and new revenue streams that the opportunity presents”.
25% of B2B SaaS product managers report that embedded finance features would help attract new business customers. Over one-third of Chief Product Officers believe that embedded finance features will help their product generate higher revenue per user.
Embedded finance to become essential part of SaaS offerings
The report forecasts that embedded finance solutions will soon become an essential part of SaaS offerings used in business contexts.
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By GlobalDataThe top three reasons B2B SaaS companies cite for adopting embedded built-in payment wallets, include improving user engagement (28%), increasing the number of paying users (26%) and enhancing revenue per user (25%).
Mifsud added: “Product managers tasked with delivering SaaS products are leading the way rather than following. They’re seeing the value of financial services being truly embedded into their software, making embedded finance a strategic action to access new revenue sources. As we see more SaaS businesses realise the value – to their customers, and to themselves – of becoming powerful distribution channels for B2B financial services, we predict this trend will continue to accelerate”.
