Weavr has acquired fellow London FinTech and B2B open banking platform Comma Payments in a ‘first-of-its kind deal within the world of embedded finance’.
The acquisition, which is largely equity-based, will see Weavr retain most of Comma’s current workforce, including CEO and founder Tom Beckenham and chief technical officer Gianluca Pengo.
Weavr says the acquisition will result in an embeddable payment solution for B2B applications ranging from payroll, accounts payable and other forms of mass payments.
It says customers will be able 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 than those given by many banks to small businesses.
“This is the latest, and perhaps most exciting, step in Weavr’s recent growth journey and puts the company in the best position possible to deliver even more value for our ever-expanding customer base,” said Alex Mifsud, co-founder and CEO of Weavr.
“Comma has created the best B2B open-banking payment solution we’ve ever seen, which is now available to our users.
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“Clearly, 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.”
Since receiving a $40 million Series A funding round in early 2022, Weavr has more than tripled its user base and experienced a huge surge in transactions through its platform, with growth of over 340% in just 12 months.
Beckenham added: “We’ve watched Weavr’s growth closely and saw synergies with their plug-and-play model that could have greatly benefited our customers.
“We are delighted to be joining forces and to be part of the journey. With Comma teaming up with Weavr, the combined company can begin to offer a first-of-its-kind service that will greatly benefit customers across multiple sectors.”