Economy

JPMorgan Chase to acquire payments platform WePay

JPMorgan Chase to acquire payments platform WePayā€¯

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.

JPMorgan Chase & Co., the NY bank, said it would acquire WePay, a payment-processing startup in Palo Alto. There have been 166 fintech payment deals totaling at least $29.3 billion in 2017, the Journal reported, citing numbers from Financial Technology Partners.

Over the past 12 months, the bank participated in a US$100 million fundraising for business-to-business payments firm Bill.com and a US$50 million fundraising for LevelUp, which enables customers to pay at restaurants and coffee shops using their smartphones, the Journal noted. The deal would allow Chase to sign up small businesses more efficiently and let them get paid for credit-card purchases more quickly. It invested in another USA payments firm bills.com last month. "And we'll give ISVs [independent software vendors] a payment facilitator-like experience without the overhead or increased fraud risk". For more, visit www.chase.com/business.

"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. JPMorgan Chase passed $1 trillion in merchant processing volume in 2016 and was ranked the worlds #1 wholly-owned merchant acquirer by volume by The Nilson Report.



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