Weavr, the London-based start-up that allows businesses to embed banking and payments into their mobile app or SaaS platforms, has acquired the B2B Open Banking platform, Comma Payments.
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. As a result of the acquisition, Comma’s unique technology will enhance Weavr’s Plug-and-Play Finance proposition for embedded finance.
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.
Comma has been a pioneer in the Open Banking sector by providing solutions that eliminate the need for manual payments that plague millions of small businesses. The company’s technology can be embedded into B2B financial software to enable data-driven payments for the first time.
The combination will enable customers to progress seamlessly from making payments via their own existing bank accounts to doing so through Weavr-provided accounts.
Speaking on the acquisition, 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 have ever seen, which is now available to our users.”
Tom Beckenham, Comma’s founder, and CEO, commented, “We have 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”.