Brex acquires Weav for $50 million
US-based B2B payments company, Brex has announced that it has acquired Israel based Weav for $50 million which offers universal API for commerce platforms. As per the press note, this acquisition will allow Brex ‘to expand its global presence by establishing an innovation hub in Israel’.
According to the announcement, Brex offers credit cards, business cash accounts, spend management and bill pay software together in a single dashboard for its clients and it aims to expand this to become a ‘fully integrated and holistic financial platform for businesses’. With the acquisition of Weav, it will accelerate the connectivity of the Brex platform.
In April this year, Brex raised $425 million in the latest round of funding and had launched a financial solution for businesses.
Brex in its press notes explained that businesses have undergone a dramatic digital transformation with the adoption of cloud and SaaS technologies.
Last year, the company had acquired three fintech companies, Neji, Compose Labs and Landria.