JPMorgan buys fintech start-up WePay

JPMorgan said Tuesday it would provide its 4 million small businesses clients with WePay's payments technology. The investment bank did not disclose the value of the acquisition, but the Wall Street Journal reported the price being above $220 million. WePay's software is currently used by crowdfunding website GoFundMe.

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JPMorgan has agreed to buy payments start-up WePay, in its first major acquisition of a financial technology (fintech) firm.

The investment bank said Tuesday it would provide its 4 million small businesses clients with WePay’s payments technology.

“With WePay, Chase is taking the work out of payments for both our business clients and the software providers who serve them,” Matt Kane, CEO of Chase Merchant Services, said in a statement Tuesday.

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“We are powering payments for growth, so businesses can accept payments instantly, get paid faster, and never lose a sale.”

WePay is a Silicon Valley company that offers payment capabilities to business platforms. The firm’s technology uses application programming interfaces (APIs) to integrate payments functionality with software. APIs are codes that allow different software components to communicate with each other.

 

We have selected some articles on the topic. Please, read more at:

https://www.cnbc.com/2017/10/18/jpmorgan-buys-fintech-start-up-wepay.html

http://www.businesswire.com/news/home/20171017006772/en

https://www.pymnts.com/news/2017/jpmorgan-wepay-acquisition/

http://www.foxbusiness.com/features/2017/10/18/j-p-morgan-will-buy-payments-firm-wepay-wsj.html

http://fortune.com/2017/10/18/jpmorgan-acquires-wepay/