Weavr x Comma acquisition: accelerating innovation together
This past month has flown by. After announcing the Weavr acquisition in March, it has been full steam ahead for both teams as we collaborate and join forces.
Complementary companions
Weavr and Comma set out on different but ultimately complementary missions: Weavr enables businesses to embed financial services into their software to unlock new capabilities that their customers will love. Comma set out to overcome some of the limitations of Open Banking by helping our customers to use their existing bank accounts with their bulk payments. Both, ultimately, aim to empower their customers to achieve more through embedded finance. Now, by joining forces, the combined business offers more customers effortless access to a larger array of financial services.
You might be wondering how Open Banking and Banking as a Service are complementary bedfellows. Weavr has written this helpful article explaining more surrounding this topic, ”Open Banking vs Banking-as-a-Service. What’s the difference?“
How does Weavr strengthen Comma?
With Comma, we are already uniquely addressing the historic Open Banking issues of being clunky and not very user-friendly, by making payments a smooth and time-saving experience. Think smooth as silk. We make paying super easy by adding a smart layer of technology on top of the banks’ limited systems that comply with PSD2 regulations. This layer manages things like how money is routed, transactions are grouped together, and how users interact with the payment process. We do all of this to make it as frictionless as possible for businesses to use their existing accounts to make payments without any fuss.
Together with Weavr’s capabilities, customers will be able to progress from making payments via their own existing bank accounts to also do so through Weavr-provided virtual accounts that offer richer controls and payment options. That’s just one small part of what is now possible. We can also offer cards (virtual, physical and Google Wallet and Apple Pay enabled) which are available today, and see a clear path to adding other financial capabilities such as international transfers.
Why Weavr?
Weavr are renowned for providing cutting-edge embedded finance solutions in the form of easy-to-deploy and cost-effective Financial Plug-ins. These plug-ins offer a simpler, safer alternative to the current Banking-as-a-Service (BaaS) model, which is increasingly coming under scrutiny by regulators due to a number of headline-producing examples of when BaaS deployments go wrong.
Weavr’s first plug-ins address Supplier Finance, Employee Finance, and Worker Finance, providing B2B SaaS companies in sectors such as accounting, employee benefits, and freelancer marketplaces with everything they need to deploy financial services. For customers, Weavr also shoulders the significant burden of compliance, regulation, and data security.
Weavr’s alignment with our philosophy, vision, and values was extremely important to us. Weavr have championed Comma’s acquisition journey from the very beginning.
If you’re keen to learn more about embedded finance, Weavr’s paper “A smarter way forward for B2B payments” is worth a look to glean greater insight into what the embedded finance possibilities are for you.
You’re in good hands
As you can see, the Weavr team (that’s us now too) are going from strength to strength. Our innovation-centric values align and Weavr’s product offering neatly builds on Comma’s Open Banking.
Our acquisition by Weavr means continuity above all, but also evolution. We are quickly realising positive outcomes from collaboration.
It’s really important for us to emphasise that, if you are a current Comma customer, you can continue to enjoy the Comma platform with all the time-saving convenience it offers. The Comma x Weavr acquisition now opens the door to Weavr’s entire product offering to you. We’ll share more about that soon.
Want to know more about Weavr? The easiest way to get what you need is to chat with one of the Weavr experts here.
Or do you have a more specific question about Comma? You can use the chat function at the bottom right of the page.
