UK fintech Weavr acquires open banking platform Comma
UK Banking-as-a-Service (BaaS) fintech Weavr has acquired B2B open banking platform Comma Payments for an undisclosed sum.
Weavr acquires Comma for an undisclosed sum
The acquisiton will see Weavr become the first embedded finance provider to bring Banking-as-a-Service (BaaS) and open banking together into an embeddable payment solution for B2B mass payments.
Comma’s technology allows firms to make bulk payments for processes such as accounts payable and payroll, saving time and labour and cutting the risk for errors.
The acquisition, which is largely equity-based, will see Weavr retain most of Comma’s current workforce, including company CEO and founder Tom Beckenham and chief technical officer Gianluca Pengo.
Beckenham says: “We’ve watched Weavr’s growth closely and saw synergies with their plug-and-play model that could have greatly benefited our customers.
“The combined company can begin to offer a first-of-its-kind service that will greatly benefit customers across multiple sectors”.
In February 2022, Weavr secured a $40 million Series A funding round led by Tiger Global with participation from Mubadala Capital, LocalGlobe’s growth stage Latitude fund and previous backers QED Investors, Anthemis and Seedcamp.
Since the Series A, Weavr claims to have more than tripled its user base and experienced a 340% increase in transactions through its platform.
