Weavr has announced that the B2B Open Banking payments platform Comma, which it acquired in March 2023, would close on 30 November 2023, and would not result in any job losses. The company believes that payments should be integrated into software, and they have now moved to become an API-only solution.
The closure of Comma as a standalone app was inevitable after its purchase, given that Weavr is a pureplay embedded finance provider and does not do direct-to-consumer.
The acquiring team wouldn't offer an application when they are not equipped to support an end customer directly. Comma’s customers were a ‘few hundred SMEs’, who connected the app to their accountancy systems to approve repeat payments.
Weavr employs 110 staff, including 15 dedicated to the Comma app. Initially considering a standalone Comma product, they dropped the idea due to time constraints tied to supplier contracts. The company envisions integrating payments seamlessly into everyday software, including accounting and expense management. Comma, now under Weavr, is transforming into an embedded finance solution for other software companies.
In 2021, Weavr undertook a USD 40 million funding round and in total has secured USD 55 million in funding, including backing from investing heavyweight Tiger Global.
In September 2023, the company has complied a whitepaper, derived from in-depth research and surveys conducted with 250 UK banking executives, delving into embedded finance offerings and financial institutions' ambitions.
The findings underscore the potential of embedded finance, with 63% of respondents viewing it as a significant growth opportunity. However, a notable 75% admitted to lacking a clear, shared action plan for embedded finance implementation.
The research, carried out in collaboration with Censuswide in May 2023, highlights a crucial gap between recognising embedded finance's potential and having a strategic approach to capitalize on this opportunity within the UK financial sector.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now