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Weav raises $4.3M to knit together a universal API for commerce platforms – TechCrunch

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Weave, which is building a universal API for commerce platforms, is emerging from stealth today with $4.3 million in funding from a bevy of investors and a partnership with Brex.

Founded last year by engineers Ambika Acharya, Avikam Agur, and Nadav Lidor after participating in the W20 YC batch, Weav joins the wave of fintech infrastructure companies that aim to give fintechs and financial institutions a boost. Specifically, Weav’s embedded technology is designed to provide these organizations with access to “real-time, user-permissioned” commerce data that they can use to create new financial products for small businesses.  

Its products allow its customers to connect to multiple platforms with a single API explicitly developed for businesses’ commerce platforms to sell products and accept payments. We operate under the premise that allowing companies to build and embed new financial products creates new opportunities for e-commerce merchants, creators, and other entrepreneurs.

And, the startup has attracted the attention of several big-name investors, including institutions and the founders of prominent fintech companies. Foundation Capital led its $4.3 million seed round, including Y Combinator, Abstract Ventures, Box Group, LocalGlobe, Operator Partners, Commerce Ventures, and SV Angel. 

A slew of founders and executives also put money in the round, including 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 fintechs such as Square, Modern Treasury, and Papaya.

Foundation Capital’s Angus Davis said his firm has been investing in fintech infrastructure for over a decade. And personally, before he became a VC, Davis was the founder and CEO of Upserve, a commerce software company. There, he says, he witnessed firsthand “the value of transactional data to enable new types of lending products.”

Foundation has a thesis around the type of embedded fintech that Weav has developed, according to Davis. And it sees a significant market opportunity for a new class of financial applications to come to market built atop Weav’s platform.

“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.”

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Tristan McCue is a 26-year-old junior programmer who enjoys reading, binge-watching boxed sets, and appearing in the background on TV. He is smart and friendly, but can also be very evil and a bit lazy.He is an Australian Christian. He has a post-graduate degree in computing.
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