Tuesday, September 21st | 16 Tishri 5782

August 17, 2021 9:48 am

Fintech Giant Brex Acquires Israel’s Weav for $50 Million

avatar by Meir Orbach / CTech

A graphic representing the Bitcoin, Ethereum, DogeCoin, Ripple and Litecoin cryptocurrencies. Illustration: Dado Ruvic/Reuters.

CTech – US fintech powerhouse Brex, which is valued at $7.4 billion, is acquiring Israeli startup Weav, which offers a universal API for commerce platforms and raised $4.3 million just a few months ago. Brex is expected to set up an R&D center in Israel led by Weav CEO Nadav Lidor and recruit dozens of new employees.

San Francisco-based Brex offers credit cards, business cash accounts, spend management, and bill pay software together in a single dashboard, aiming to become a fully integrated and holistic financial platform for businesses.

Weav’s technology will accelerate the connectivity of the Brex platform, allowing the company to achieve this goal quickly and further support Brex’s ability to serve customers in many different industries.

Brex raised $425 million at a $7.4 billion valuation in April. Notable investors in Brex include Tiger Global, Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital, and IVP. Brex’s technology is in use by several Israeli unicorns, including Wiz, Next Insurance, and Gong.

Weav, which was founded in 2020 by Avikam Agur, Nadav Lidor, and Ambika Acharya and operates out of Tel Aviv and New York, announced this past April that it had raised $4.3 million led by Foundation Capital and with participation from Abstract Ventures, Y Combinator, LocalGlobe, Box Group, Operator Partners, Commerce Ventures, and SV Angel.

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