Brex acquires Israeli start-up Weav in $50m deal
US fintech Brex has agreed a deal to acquire Israeli start-up and tech partner Weav for $50 million.
Weav offers a universal API for commerce platforms
The firm says the acquisition will enable it to expand its global reach by establishing an “innovation hub” in Israel.
Brex will aim to leverage Weav’s API technology to “accelerate the connectivity” of its financial services platform, which offers corporate credit cards, business cash accounts, spend management and bill pay software tailored to tech start-ups.
“After a successful partnership, we are thrilled to make Weav part of our core team,” says Henrique Dubugras, co-founder and CEO of Brex.
Weav, which received $4.3 million in seed funding in April this year, offers a universal API for commerce businesses that enables data sharing across platforms.
Nadav Lidor, Weav’s co-founder and CEO, will now lead Brex’s team in Israel.
Lidor says: “Our goal has always been to connect businesses, creators, and other entrepreneurs with fintech to expand financial access, and this aligns with Brex’s mission.”
Founded in 2017, Brex has raised over $1 billion in financing, most recently landing $425 million in a Series D round led by Tiger Global.
