Weavr has continued a period of growth with the acquisition of B2B Open Banking platform, Comma Payments.
The acquisition marks a significant move for the firm as it brings together two platforms and marks a unique deal in the world of embedded finance.
On the acquisition of Comma, Alex Mifsud, co-founder and CEO of Weavr, commented: “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. Comma has created the best B2B open-banking payment solution we’ve ever seen, which is now available to our users.
“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.”
As part of the acquisition, Weavr will retain most of Comma’s current workforce, including the company’s CEO and founder, Tom Beckenham, and its Chief Technical Officer, Gianluca Pengo.
With Comma, Weavr has become the first embedded-finance provider to bring together Banking as a Service (BaaS) and Open Banking into an optimised embeddable payment solution for B2B applications ranging from payroll, accounts payable, and other forms of mass payments.
Speaking on his decision to join Weavr, Beckenham stated: “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.”
The role of Open Banking has evolved significantly in recent years, from Anne Boden famously telling MPs that current implementations of Open Banking are “clunky, and you would not want to use them”.
Comma has sought to uniquely address this problem, making payments via Open Banking a smooth and time-saving experience.
The announcement of the Comma acquisition further bolsters Weavr’s momentum over the past year. The company recently announced that, since receiving a $40m Series A funding round in early 2022, it 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. Now, the company is set to further grow these figures with a unique and enhanced offering.
