The acquisition, which is largely equity-based, will see Weavr retain most of Comma’s current workforce, including the company’s CEO and founder. As a result of the acquisition, Comma’s unique technology enhances 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 ranging from payroll, accounts payable, and other forms of mass payments.
Together with Weavr’s current BaaS capabilities, the combination will enable customers to progress seamlessly from making payments via their own existing bank accounts to doing so through Weavr-provided accounts that offer richer controls and payment options than those given by many banks to small businesses.
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. Businesses can save time and cost by making bulk payments for processes such as accounts payable and payroll processes, while greatly reducing the risk of manual errors.
The announcement of the Comma acquisition further bolsters Weavr’s continued momentum over the past year. The company recently announced that, since receiving a USD 40 million Series A funding round in early 2022, it has more than tripled its user base and experienced a huge surge in transactions through its platform, with a growth of over 340% in just 12 months. Now, the company is set to further grow these figures with a unique and enhanced offering.
In August 2022, Weavr announced the evolution of its solution with three new Financial Plug-ins. Weavr’s Financial Plug-ins service a wide range of use cases with simplicity. In a matter of weeks, businesses can be up and running, providing the financial services that their customers require.
The bottom line for businesses is that they can now launch, validate, and multiply the revenue per user from financial services with comparatively low time and resource commitments.
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