Embedded finance company Weavr has shut down its payments subsidiary Comma, less than a year after acquiring it.
Weavr, which provides financial service tools that businesses can then offer to customers, acquired the open banking payments platform Comma in March.
In a LinkedIn post, Weavr executive Tom Beckenham said the company made the decision as part of a move towards becoming an “API-only solution”.
Beckenham said: “Unfortunately this move is going to leave a lot of customers disappointed particularly in the accounting sector.
“There was a lot of support for the Comma app. It was the first payments app that truly embraced open banking. As sad as I am about this announcement, it’s a choice we had to make.”
The company said that it will retain the underlying open banking technology for use in the rest of its business, with no employees from the Comma team set to be laid off.
Weavr told UKTN that “all of the capabilities from the standalone [Comma] app will be available through our embedded capabilities”, meaning a separate Comma app is “no longer required”.
Weavr added that the Comma app will be “officially discontinued on the 30th of November”.
At the time of its acquisition of Comma, Weavr said it was looking to incorporate open banking software into its embedded finance offerings.
Weavr CEO Alex Mifsud described Comma in March as “the best B2B open-banking payment solution we’ve ever seen”.
Weavr in February last year raised $40m (£33m) in a Series A round led by Tiger Global.
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