It represents JPMorgan Chase’s first major fintech acquisition and will deservedly grab the headlines: Chase is to buy WePay.
WePay serves online marketplaces and crowdfunding websites-and will now offer its services to Chase’s SME clientele.
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A purchase price has not been disclosed but at last valuation, WePay was worth in excess of $200m.
WePay competes against established players such as FirstData as well as challengers to the incumbents including PayPal.
It is, says WePay, “a platform payments company that provides a payments API as well as payment, risk and support products and services to software and platform companies. We do payments for software and platforms, that’s all we do and we do it better than anyone else.”
And now it has cashed in and is doing payments very profitably for its investors.
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By GlobalDataWePay has raised more than $75m in funding with investors including PayPal co-founder Max Levchin.
