Israel API Developer Weav Acquired for US$50 Millionby Fintechnews Middle East 23. August 2021
US-based fintech company Brex has acquired Israeli Application Programming Interface (API) developer Weav for US$50 million, according to a recent statement. The acquisition marks Brex’s entry into Israel.
Weav’s co-founder and CEO Nadav Lidor will helm Brex’s team in Israel. Founded only last year, the company has raised US$4.5 million in seed funding so far. Its backers include Foundation Capital and Y Combinator, as well as Brex co-founders Henrique Dubugras and Pedro Franceschi. The company was part of Y Combinator’s W20 batch.
The Israeli startup develops APIs for commerce platforms to access real-time, standardised data. The company helps to connect multiple platforms with a single API.
The company’s solution has a number of use cases, including underwriting, real-time financial products, planning and analysis, identity verification and payments. The company’s API call volume has grown by 300% each month, the statement said.
Meanwhile, Brex provides credit cards, business cash accounts, spend management and bill pay software on a single dashboard. By acquiring Weav, the company aims to boost its efforts to become a fully integrated B2B financial platform, and improve third-party integrations.
Brex and Weav have previously worked together
In March last year, Weav’s technology was used to power Brex’s Instant Payouts for Shopify. A month later, Dubugras and Franceschi participated in a US$4.3 million fundraise by Weav.
Through the acquisition, the nine-person team at Weav will be expanded through hiring efforts.
“We want to build this all-in-one finance platform. 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,”
Dubugras told TechCrunch.
Featured image credit: Weav (L-R Weave Co-founders Nadav Lidor, Ambika Acharya, Avikam Agur)