The company did not disclose its valuation at the time of its $4.3 million seed round earlier this year. We too were so impressed with the Brex team, and had a great time learning from them, and building with them.” “After working with Henrique and Pedro, we realized they couldn’t be a better partner. “Our goal has always been to connect businesses, creators, and other entrepreneurs with fintech to expand financial access, and this aligns with Brex’s mission,” Lidor added. But the companies found themselves on the same page, he said. Lidor admits that Weav did not expect to be exiting so soon after founding. “The Weav team will basically m anage any third-party integration,” Dubugras said, “so that Brex can be your financial operating system no matter where your data is. With the acquisition of Weav, it intends to build more lending, visualization and insights products for its customers. “That was already the direction we were headed with the partnership but this acquisition helps us so that we can build a better integration across all our financial products, and we can do more, and a lot faster than what we were originally planning.”įor example, he added, Brex integrates with platforms such as Shopify. “We want to build this all-in-one finance platform,” Dubugras told TechCrunch. This is important to Brex because it believes that by using Weav’s technology, businesses which use its platform will be able to get financial services and new products “more quickly and precisely.” Weav’s API aims to build digital connections that enable automatic sharing and analysis, thus (as mentioned above) allowing commerce platforms to access their customers’ standardized transaction data in real time. The increased adoption of cloud and SaaS technologies has led to data being stored in a variety of disparate systems. Since its inception last year, Weav’s API call volume has grown by 300% each month. Weav has operated under the premise that allowing companies to build and embed new financial products creates new opportunities for e-commerce merchants, creators and other entrepreneurs. Its products will allow customers to connect to multiple platforms with a single API that was developed specifically for the commerce platforms that businesses use to sell products and accept payments. Specifically, Weav’s embedded technology was designed to give organizations access to “real time, user-permissioned” commerce data that they could use to create new financial products for small businesses. Weav raises $4.3M to knit together a universal API for commerce platformsįounded last year by engineers Ambika Acharya, Avikam Agur and Lidor after participating in the W20 YC batch, Weav was among the wave of fintech infrastructure companies that aimed to give fintechs and financial institutions a boost. “Then, we started talking about an acquisition.” “We were so impressed with Nadav and his team, how fast they were building and how good the technology is, that we wanted to expand to a more strategic partnership,” he told TechCrunch. (Although they have since met.) Brex has previously made ‘acquihires’ but has not previously acquired both a company’s team and technology.īrex started working with Weav “pretty early on” in the company’s life as a partner, Dubugras said. Interestingly, the deal was forged without the founders of either company having met - which may have been more unusual before the COVID-19 pandemic but is likely more commonplace these days. So today, the fintech is announcing that it is acquiring one-year-old Weav for $50 million in its first significant acquisition, TechCrunch has learned exclusively. Over the past few months, the pair determined that Weav’s technology - and team - was too good to share. The results were impressive enough that by April, Brex co-founders Henrique Dubugras and Pedro Franceschi participated in Weav’s $4.3 million seed round as strategic angel investors. In March, Brex launched Instant Payouts for Shopify sellers using the startup’s technology. Fintech Brex first partnered with Weav, a developer of a universal API for commerce platforms, last summer.
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