Weavr has acquired fellow London FinTech and B2B open banking platform Comma Payments in a 鈥榝irst-of-its kind deal within the world of embedded finance鈥�.
The acquisition, which is largely equity-based, will see Weavr retain most of Comma鈥檚 current workforce, including CEO and founder Tom Beckenham and chief technical officer Gianluca Pengo.聽
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.
鈥淭his is the latest, and perhaps most exciting, step in Weavr鈥檚 recent growth journey and puts the company in the best position possible to deliver even more value for our ever-expanding customer base,鈥� said Alex Mifsud, co-founder and CEO of Weavr.聽
鈥淐omma has created the best B2B open-banking payment solution we鈥檝e ever seen, which is now available to our users.
eCommerce Conference 2023 – The platforms optimising online retail
鈥淐learly, open banking and BaaS represent the two most innovative trends in finance right now, and it鈥檚 exciting to finally bring them together into one powerful solution.聽
鈥淎s a company committed to breaking new ground in this field, we鈥檙e 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.鈥�
Since receiving a $40 million Series A funding round in early 2022, and experienced a huge surge in transactions through its platform, with growth of over 340% in just 12 months.聽
Beckenham added: 鈥淲e鈥檝e watched Weavr鈥檚 growth closely and saw synergies with their plug-and-play model that could have greatly benefited our customers.聽
鈥淲e 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.鈥�