The FinTech company claims this is a first-of-its-kind deal within the world of embedded finance.
This deal will see Weavr retain most of Comma’s current workforce, including its CEO and founder Tom Beckenham and its CTO Gianluca Pengo. As part of the deal, Comma’s technology will bolster Weavr’s plug-and-play finance proposition for embedded finance.
Weavr claims this deal makes it the first embedded finance provider to combine banking-as-a-service and open banking into an embedded payment solution for B2B applications.
Comma was designed to make payments via open banking as smooth as possible. Its platform supports bills and invoices, and payroll.
Through Weavr’s BaaS capabilities, Comma’s technology will allow customers to seamlessly make payments via their own existing bank accounts.
Speaking on the acquisition, Weavr co-founder and CEO Alex Mifsud said, “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.”
Weavr previously raised $40m for its Series A funding round in 2022. The investment was led by Tiger Global.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global