UK fintech Weavr to shutter open banking payments app Comma
Just over half a year since it first acquired the open banking app Comma Payments, Weavr, a Banking-as-a-Service (BaaS) solutions provider based in London, UK, has announced the end of the app as a standalone product.
Comma Payments to transition to API-only
From 30 November 2023, Comma Payments, which was founded in 2019, shall cease its operations as a B2B bulk payments provider as it transitions to an API-only solution.
“Comma is evolving into an embedded finance solution other software companies can embed into their applications to provide the same functionality,” the app’s latest statement reads.
In this, Weavr is to retain the app’s underlying technology as part of its “commitment to embedded finance”, and has ensured that no job cuts will be experienced as part of the app’s transition.
Speaking on the move, the app’s founder, Tom Beckenham, said in a statement on LinkedIn that “as sad as I am about this announcement, it’s a choice we had to make”.
Weavr is first and foremost an embedded finance provider and does not deliver its solutions directly to the customer, making the announced transition of the app an almost certain eventuality.
“We had to create the right focus so we can empower others to create payment products and features,” Beckenham added.
