Weavr, a London-based startup that provides companies with the opportunity to implement banking services and payments into mobile applications or SaaS platforms, has acquired the open banking platform B2B Comma Payments.
Following the acquisition of Comma, Weavr became the first embedded financial services provider to combine Banking as a Service (BaaS) and Open Banking into an embedded payment solution for B2B applications ranging from payroll, accounts payable, and other bulk payments.
Alex Mifsud, co-founder, and CEO of Weavr, says that open banking and BaaS are the most advanced trends in the financial sector as of today. He also considers it a logical decision to combine the two trends into a single whole.
Alex Mifsud said that his company, by combining two services, confirmed its commitment to the desire to open new horizons in the field of finance. He also expressed confidence that the firm’s clients will benefit from greater functionality and a smoother implementation process.
Alex Mifsud says that this combination will allow consumers to seamlessly switch from making payments through existing bank accounts to doing so using accounts provided to companies.
In February last year, Weavr raised $40 million in investment funds during the Series A funding round. Since then, the company’s user base has more than tripled. Also during the year, the number of transactions processed by the platform increased by 340%.
The acquisition, based primarily on equity participation, will allow Weavr to retain most of Comma’s current workforce, including CEO and founder Tom Beckenham and its CTO Gianluca Pengo. There is no information about the terms of the deal. The companies also decided not to disclose information about the cost of the acquisition.
As we have reported earlier, Hala Acquires Paymennt.com.