This past month has flown by. After announcing the Comma acquisition in March, it has been full steam ahead for both teams as we collaborate and join forces.
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 financial management software providers, in most cases, by using their existing bank account. Both of us, ultimately, aim to empower our 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. We’ve written this helpful article explaining more surrounding this topic, ”Open Banking vs Banking-as-a-Service. What’s the difference?“
How does Comma strengthen Weavr?
Comma is 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. Comma makes 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. Comma does 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 our capabilities, customers will be able to progress from making payments via their own existing bank accounts to also doing 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 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 did Comma go with Weavr?
Weavr are known 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 in their software. For customers, Weavr also shoulders the significant burden of compliance, regulation, and data security.
Our alignment with Comma’s philosophy, vision, and values was extremely important to the Comma team. Weavr have championed Comma’s acquisition journey from the very beginning.
You’re in good hands
As you can see, the Weavr team (that includes Comma now too) are going from strength to strength. Comma’s innovation-centric values align and Weavr’s product offering neatly builds on Comma’s Open Banking.
The Comma acquisition 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 opens the door to Weavr’s entire product offering to you. We’ll share more about that soon.
Want to know more? The easiest way to get what you need is to chat with one of our team.