US fintech company Brex announced on Tuesday it has acquired Israeli startup Weav, a company that offers a universal API for commerce platforms.
The acquisition allows Brex to expand its global presence by establishing an innovation hub in Israel.
This is the first significant acquisition for the US firm, TechCrunch reports.
Brex offers credit cards, cash accounts, spend management, and bill pay software in a single dashboard for its growing customer base. It plans to expand its product and services portfolio to become a fully integrated and holistic financial platform for businesses.
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.
Founded in 2020 by Ambika Acharya, Avikam Agur and Nadav Lidor, Weav is a fintech infrastructure company that aims to boost fintechs and financial institutions with an embedded technology designed to give organizations access to “user-permissioned” commerce data in real-time that they could use to create new financial products for small 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.”
“Joining the Brex family will bring incredible reach to Weav’s existing products,” said Lidor, Weav’s co-founder and CEO, who will be leading Brex’s growing team in Israel. “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.”