Connecting Businesses, Creators, and Other Entrepreneurs with Fintech to Expand Financial Access
Today, we are proud to make our public debut, announce our $4.3M seed investment, and highlight the work we're doing with our launch customer Brex. Weav is the universal API for commerce platforms. Using Weav, companies like Brex securely access real-time, permissioned transactions data from businesses and creators selling on platforms such as Square, Stripe, and Shopify in order to deliver greater access to capital and better financial products.
For years, real-time financial data has held the promise to revolutionize credit assessment, democratize access to capital, and spark product innovation. Yet, that vision has been slow to materialize because the quality, accessibility, and timeliness of that data remain stubbornly deficient.
Weav is building a universal API for commerce platforms to enable new fintech products
For consumers, open banking access, championed by API companies such as Plaid, has unlocked a new wave of fintech innovation. But for businesses, the situation is different, where cross-platform data connectivity remains limited. Weav is here to change that with the first-ever universal API for the commerce platforms that businesses use to sell products and accept payments. Weav allows companies to build and embed new financial products and create new opportunities for e-commerce merchants, creators, and other entrepreneurs. Since our API went live in January 2021, thousands of businesses have benefited from new products and services built on Weav's infrastructure.
Using Weav's API, companies 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:
Brex partners with Weav to build the future of e-commerce funding
We are incredibly honored to have Brex onboard as one of our launch customers. Using Weav's API, Brex is making it easy for its merchant customers to connect their commerce platform accounts to gain instant access to revenue. Traditionally, sellers on these platforms can wait anywhere from a few days to over a month before they can access newly earned funds. With Brex's instant payouts powered by Weav, merchants can receive immediate access to funds, free up working capital, and improve their cash flow management.
“We built Brex to help small businesses grow and succeed," said Henrique Dubugras, Brex Co-CEO. "A big problem small business owners face is access to cash flow when they most need it. Instant payouts shortens that cycle so that companies can focus on growing." Dubugras continued, "Weav's API allows us to offer this real-time funding to more customers selling on more platforms, saving us thousands of engineering hours and accelerating our rollout timeline by months with each new platform integration."
"Weav's API allows us to offer this real-time funding to more customers selling on more platforms, saving us thousands of engineering hours and accelerating our rollout timeline by months with each new platform integration." - Henrique Dubugras, Brex Co-CEO
We have been blown away by the early feedback we've received from Brex, their merchant customers, and other partners using our technology. We are just getting started and look forward to onboarding many more partners and merchants in the coming months.
We are just starting this journey — join us!
All of this is only possible thanks to the tireless work of the entire team at Weav, our customers, and our investors. We want to thank Foundation Capital, Y Combinator Continuity, Abstract Ventures, LocalGlobe, Box Group, Operator Partners, Commerce Ventures, SV Angel, and the incredible group of founders and executives from Plaid, Square, Brex, Ramp, Pagaya, Digits, Vouch, Hatch, and GoCardless who have placed their trust in us. It's been a privilege, and we're beyond excited for the road ahead.
As we enter the age of embedded finance, banking-as-a-service, the creator economy, and the API-first revolution, the time is ripe for Weav to provide the connective tissue that brings these paradigm shifts together. If you're building financial products for businesses, please get in touch. And if you're looking for your next engineering challenge, join us!