Weavr, a Banking-as-a-Service provider, is ending the standalone operation of Comma Payments, an open banking app it acquired just over half a year ago. Comma Payments will transition to an API-only solution from November 30, 2023.
Facts
- Weavr, a Banking-as-a-Service (BaaS) provider based in London, UK, acquired the open banking app Comma Payments over half a year ago.
- Comma Payments, founded in 2019, will cease its operations as a B2B bulk payments provider on November 30, 2023, transitioning to an API-only solution.
- Comma Payments will evolve into an embedded finance solution that software companies can integrate into their applications for similar functionality.
- Weavr will retain Comma Payments’ underlying technology as part of its commitment to embedded finance, with no job cuts expected during the transition.
- Tom Beckenham, the founder of Comma Payments, expressed regret about the decision but emphasized its necessity, as Weavr primarily focuses on embedded finance solutions and empowering others to create payment products and features.
