US fintech company Brex has acquired Israel-based Weav for $50 million.
Brex says the acquisition will allow the fintech to expand its global presence by establishing an innovation hub in Israel.
Weav bills itself as the provider of an universal API for commerce. Its technology enables the flow of data in real time and a standardised format, through a single point of access.
The addition of the Weav API to Brex’s portfolio of products and services, which include credit cards, business cash accounts, spend management and bill pay software together in a single dashboard, will accelerate its expansion toward becoming a fully-integrated and holistic financial services platform for business.
“After a successful partnership, we are thrilled to make Weav part of our core team,: comments Henrique Dubugras, co-founder and chief executive officer of Brex. “Weav’s technology helps make Brex even better for our customers.”
Nadav Lidor, Weav’s co-founder and chief executive officer, who will be leading Brex’s team in Israel, says: “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.”