Weavr, the London-based startup that allows businesses to embed banking and payments into their mobile app or SaaS platforms, has acquired B2B Open Banking platform, Comma Payments.
With Comma, Weavr claims to have become the first embedded-finance provider to bring together Banking as a Service (BaaS) and Open Banking into an embeddable payment solution for B2B applications ranging from payroll, accounts payable, and other forms of mass payments.
Alex Mifsud, co-founder and CEO of Weavr comments: “Open Banking and BaaS represent the two most innovative trends in finance right now, and it’s exciting to finally bring them together into one powerful solution. As a company committed to breaking new ground in this field, we’re delighted to be the first to offer a solution of this kind and feel confident that our customers will immediately benefit from greater functionality and a more seamless onboarding process.”
He says the combination will enable customers to progress seamlessly from making payments via their own existing bank accounts to do so through Weavr-provided accounts that offer richer controls and payment options.
The deal follows Weavr's $40 million Series A in February last year. Since then, the company has more than tripled its user base and experienced a 340% surge in transactions through its platform.
The acquisition, which is largely equity-based, will see Weavr retain most of Comma’s current workforce, including the company’s CEO and founder, Tom Beckenham, and its chief technical officer, Gianluca Pengo.
Terms of the transaction were not disclosed.
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