Chase completes $300m WePay acquisition
Written by Chris Lemmon
JPMorgan Chase has completed the acquisition of US payments firm WePay, in a deal worth more than $300 million.
WePay will continue to offer integrated payments to software platforms like Freshbooks and Constant Contact, and will provide instant merchant onboarding and give software developers and partners access to Chase’s business network.
More than 1,000 software companies have adopted WePay as a payments service, and expanding that number is a key priority for both organisations, the companies said.
WePay CEO Bill Clerico and his executive team will continue to lead the company, working alongside Chase Merchant Services CEO Matt Kane and his leadership team. WePay will remain a standalone entity, while leveraging Chase’s broader capabilities and acting as a payments incubator for the firm.
Clerico said: “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 [San Francisco] Bay Area to accommodate our planned growth.”