October 24, 2017
JPMorgan Chase last week said it will acquire online payment provider WePay. Terms of the deal were not disclosed, but according to sources quoted by the Wall Street Journal, the price tag for the Silicon Valley startup is in excess of the $220 million it was valued at after a 2015 funding round.
WePay develops APIs for software developers who want to offer payment functionality in their software. The company also acts as a payment facilitator processing payments for small businesses. The company currently provides payment services for SignUpGenius, GoFundMe and ConstantContact, among others.
The acquisition gives Chase the power to offer software-based services to its enormous small-business base.
“With WePay, Chase is taking the work out of payments for both our business clients and the software providers who serve them,” said Matt Kane, CEO of Chase Merchant Services. “We are powering payments for growth, so businesses can accept payments instantly, get paid faster, and never lose a sale. And we’ll give ISVs a payment facilitator-like experience without the overhead or increased fraud risk.”