JPMorgan to acquire payments firm WePay

Lloyd Doyle
October 18, 2017

A Silicon Valley-based financial technology firm founded in 2008, WePay delivers payments-as-a-service APIs for simple onboarding and activation of payments, without impacting the user experience designed by developers. The two companies did not disclose terms of the deal.

Following the deal, JPMorgan plans to roll out WePay's technology to four million small-business customers, the report said, citing Matt Kane, CEO of Chase Merchant Services.

Chase and WePay will enable merchants to accept payments instantly and get paid faster, while software platforms can easily become payment facilitators or third party payment processors.

Silicon Valley company WePay's software is now used by crowdfunding website GoFundMe, cloud-based accounting firm FreshBooks and online marketer Constant Contact. "We are powering payments for growth, so businesses can accept payments instantly, get paid faster, and never lose a sale".


According to the WSJ, the price it heard from a person familiar with the matter is north of $220 million valuation the payment provider picked up in a 2015 fundraising. "And we'll give ISVs [independent software vendors] a payment facilitator-like experience without the overhead or increased fraud risk".

Financial institutions have expressed growing interest in fintech acquisitions.

Chase and WePay will help business app makers and independent software vendors (ISVs) to integrate payments into the software commonly used by small businesses. Last month, the company announced a collaboration with Bill.com, while earlier this year Chase extended its digital lending collaboration with OnDeck.

Other reports by Iphone Fresh

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