UK-based embedded finance provider Weavr has acquired B2B Open Banking platform Comma Payments.
The terms of the deal have not been disclosed, although Weavr confirmed that the acquisition is “largely equity-based”.
Weavr confirmed that it will retain most of Comma’s current workforce, including the company’s chief executive officer and founder Tom Beckenham, and its chief technical officer Gianluca Pengo.
Following the transaction, Weavr said it had become the first embedded finance provider to bring together Banking-as-a-Service (BaaS) and Open Banking into an “embeddable” payment solution for B2B applications, such as payroll and accounts payable.
Alex Mifsud, co-founder and chief executive officer of Weavr, said: “Comma has created the best B2B Open Banking payment solution we’ve ever seen, which is now available to our users.
“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.”
Mifsud added: “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.”
Beckenham added having watched Weavr’s growth closely, he saw “synergies with their plug-and-play model that could have greatly benefited our customers”.
“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,” Beckenham said.