Weavr Buys Comma For Embedded Finance Open Banking

Tiger Global gave Weavr $40 million a year ago, and now the company is combining open banking and BaaS.

Weavr bought Comma Payments, a B2B open banking platform, to bring open banking to the embedded finance space.

Weavr will buy most of Comma’s employees, including founder and CEO Tom Beckenham and chief technical officer Gianluca Pengo, in a deal that is “largely based on equity.”

Weavr, a “plug-and-play” financial infrastructure provider, says that bringing Comma on board will make it the first embedded finance provider to combine Banking as a Service (BaaS) and open banking with an optimized B2B embeddable payment solution.

“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,” Weavr co-founder and CEO Alex Mifsud said.

“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.”

Mifsud said that Comma’s B2B open banking payment solution was “the best we’ve ever seen,” and he said that Weavr’s purchase of Comma was probably the most important step in its growth.

Weavr has had a big year. Since its $40 million Series A funding round just over a year ago, the number of its users has grown by more than three times, and the number of transactions has grown by more than 350%.

“We’ve watched Weavr’s growth closely and saw synergies with their plug-and-play model that could have greatly benefited our customers,” Beckenham said.

“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,” he added.