US fintech company Brex today announced the acquisition of Israeli universal API for commerce platforms developer Weav for $50 million. The acquisition allows Brex to expand its global presence by establishing an innovation hub in Israel.
Weav’s technology will accelerate the connectivity of the Brex platform, allowing the company to achieve this goal quickly and further support Brex’s ability to serve customers in many different industries.
Weav was founded by CEO Nadav Lidor, CTO Ambika Acharya and VP R&D Avikam Agur. Founded in 2020, Weave has only raised $4.3 million. Lidor will lead Brex's innovation hub in Israel.
Lidor said, Joining the Brex family will bring incredible reach to Weav’s existing products. 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. We’re excited for our future together."
Weav builds digital connections that enable sharing and analyzing the information automatically and across platforms. Since its founding, Weav’s API call volume has grown by 300% each month.
Brex offers credit cards, business cash accounts, spend management and bill pay software together in a single dashboard for its growing customer base, though it will continue to expand its product and services portfolio to become a fully-integrated and holistic financial platform for businesses.
"After a successful partnership, we are thrilled to make Weav part of our core team," said Henrique Dubugras, co-founder and CEO of Brex. "Weav’s technology helps make Brex even better for our customers."
Published by Globes, Israel business news - en.globes.co.il - on August 17, 2021
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