Weav, which is building a universal API for connecting commerce platforms is raising funds worth $4.3 million from a large group of investors along with a partnership with Brex.
Weav says that by using its API, companies can prompt their business customers to “securely” connect their accounts with selling platforms, online marketplaces, subscription management systems, and payment gateways. Once authenticated, Weav aggregates and standardizes sales, inventory and other account data across platforms and develops insights to power new products across a range of use cases, including lending and underwriting; financial planning and analysis; real-time financial services, and business management tools.
The platform was founded by engineers Ambika Acharya, Avikam Agur, and Nadav Lidor after participating in the W20 YC batch, Weav now in the field of fin-tech infrastructure along with many others that has the vision to give fintech and financial institutions a boost. The company’s technology is designed to give organizations access to “real-time, user-permissioned” commerce data that they can use to create new financial products for small businesses. The products that the company has devised enable its customers to connect to multiple platforms with a single API that was developed specifically for the commerce platforms that businesses use to sell products and accept payments. Moreover, it operates under the premises which lets companies implement financial products creating new opportunities for not only e-commerce merchants but also creators and other entrepreneurs.
As observed, the platform has witnessed an impressive growth that too in just a short period of time. It supports platform integrations such as Stripe, Square, Shopify, and PayPal. (More on that later.) Since its API went live in January, “thousands” of businesses have used new products and services built on Weav’s infrastructure, according to Lidor. Its API call volume is growing 300% month over month.
Consequently, the start-up has managed to attract the attention of a number of big investors including institutions and the founders of prominent fintech companies. Foundation Capital led its $4.3 million seed round, which also included participation from Y Combinator, Abstract Ventures, Box Group, LocalGlobe, Operator Partners, Commerce Ventures, and SV Angel. Furthermore, more investors like Brex founders Henrique Dubugras and Pedro Franceschi; Ramp founder Karim Atiyeh; Digits founders Jeff Seibert and Wayne Chang; Hatch founder Thomson Nguyen; GoCardless founder Matt Robinson and COO Carlos Gonzalez-Cadenas; Vouch founder Sam Hodges; Plaid’s Charley Ma, as well as executives from fintech such as Square, Modern Treasury, and Pagaya, has also put money into this venture.
Foundation Capital’s Angus Davis said his firm has been investing in fintech infrastructure for over a decade. “We were excited by Weav’s vision of a universal API for commerce platforms,” Davis wrote via email. “Much like Plaid and Envestnet brought universal APIs to banking for consumers, Weav enables a new class of B2B fintech applications for businesses.”