Just a couple months after JPMorgan Chase (NYSE: JPM) announced it was acquiring WePay, the payments platform revealed that has officially become a Chase company. WePay stated that it will continue to provide integrated payments to global software platforms. It will also provide instant merchant onboarding and give software developers and partners access to Chase’s network of four million small business clients.
As previously reported, WePay was launched as a “Payments as a Service” company in 2008. WePay has focused on platform customers with over 1,000 partners, like Constant Contact, GoFundMe, and Meetup and many more. The payment space has been a hot sector of Fintech as larger companies seek to acquire both tech and customers. While sharing details about the acquisition, WePay CEO Bill Clerico stated:
“We see exponential growth ahead of us as we combine our fintech products and culture with the global brand, scale, proficiencies, and distribution of Chase. We are headed into a massive expansion of our team, with particular focus on engineering and product management, and looking for a new headquarters in the Bay Area to accommodate our planned growth.”
Clerico and his executive team will continue to lead the company, working alongside Chase Merchant Services CEO Matt Kane and his leadership team. E-commerce company Volusion will also deploy a new payments service called Volusion Payments powered by Chase with WePay. Austin-based Volusion has 30,000 active small- and medium-sized merchants with $28 billion in cumulative sales. Kevin Sproles, Volusion’s Founder and CEO, then added:
“Volusion Payments is an exciting, innovative opportunity for us as a company, as well as for our merchants. With this partnership, the small- and medium-sized businesses we work with will be able to get up and running instantly, with next-day settlement, competitive rates, and all of their payment processing tightly integrated within the software they’ve already chosen for managing their online stores.”