London-based Weavr shuts down Comma app only a few months after the acquisition

In a new turn of events, London-headquartered embedded finance company Weavr, announced that it would shut down Comma — the open banking payments app acquired only a few months earlier.

Comma app shuts down to re-emerge as one of Weavr’s API solutions

Weavr initially purchased Comma in March 2023 — about seven months ago now. The idea behind the acquisition was to add open banking software to its list of available products. At the time, Weavr CEO and co-founder Alex Mifsud said that Open Banking and BaaS represent the two most innovative trends in finance right now, and it is exciting to bring them together into a single, powerful solution finally.

“As a company committed to breaking new ground in this field, we’re delighted to be the first to offer a solution of this kind and feel confident that our customers will immediately benefit from greater functionality and a more seamless onboarding process,” he noted.

Weavr is a company that offers a number of plug-and-play APIs. The APIs allow service sector companies to integrate with various banking products, as well as create accounts, transfer funds, and even issue cards.

The acquisition of Comma brought even more possibilities into the picture, thanks to its open banking software. However, as Comma founder Tom Beckenham said, “As part of our commitment to embedded finance, Weavr does not deliver any of its financial solutions directly to customers.”

As a result, the Comma app will shut down later this year, at the end of November 2023. Moving forward, it will no longer act as a standalone app, but rather, it will become an API-only offering, similar to other Weavr products.

The Comma team will stay with the company

While this was seemingly the company’s plan from the beginning, Beckenham noted that this might leave many of the app’s users disappointed, especially when it comes to those in the accounting sector. Still, despite the change that the app is about to see, its underlying technology will survive, only it will now be available as part of the Weavr API offering.

The Comma team said that it will stay at the company, so the original developers will still be a part of its future evolution. The team also said that it wishes to help existing Comma users deal with the change by pointing them toward other solutions, if they still need a new payments app, suggesting Crezco, Telleroo, Nook, and Apron.

Lastly, the Comma team wishes to express its deepest gratitude to the community that has supported It over the last three years.