FinTech Brex on Tuesday (Aug. 17) announced it has acquired Israel-based commerce API company Weav for $50 million as part of a plan to expand its global footprint by bringing an innovation hub to Israel.
“After a successful partnership, we are thrilled to make Weav part of our core team,” said Henrique Dubugras, co-founder and CEO of Brex, said in the joint announcement. “Weav’s technology helps make Brex even better for our customers.”
Brex’s credit cards, business cash accounts, spend management and bill pay software will soon be part of an expanded suite of product and service offerings that are integrated into a business-focused financial platform. The Weav acquisition will accelerate the integration process, according to the announcement.
“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,” said Nadav Lidor, Weav’s co-founder and CEO, who will be leading Brex’s growing team in Israel. “We’re excited for our future together.”
In April, Silicon Valley-based Brex raised $425 million in a Series D investment round led by Tiger Global that gave it a valuation of more than $7.4 billion.
Also in April, Brex launched Brex Cash, its all-in-one solution that gives small to medium-sized businesses (SMBs) one dashboard to view their credit card and cash accounts, access spend management and bill pay software.
The firm also offers a premium version, which allows customers to create and manage spend policies and monitor spending requests and approvals across the business. Brex Cash customers with premium access can also schedule and pay bills.
Thousands of clients use Brex’s tools monthly for payment and cash management services and have since added software-based expense management and bill payments.
Brex expanded its instant payouts feature in March to sellers on Shopify.
The feature allows sellers to access sales revenue “within seconds,” the instant payouts website stated, as opposed to the normal payout process, which takes 14 days, according to the company announcement earlier this year.
Brex announced instant payouts in October and launched it for Amazon sellers only at that time. The Brex instant payouts website noted that the company is looking to bring the feature to other eCommerce platforms, including “Stripe, PayPal, Square and Walmart.”