JPMorgan Chase set to acquire WePay
Written by Anthony Strzalek
JPMorgan Chase has announced its plans to acquire WePay in an effort to make it easy for business app makers and independent software vendors (ISVs) to integrate payments into the software commonly used by small businesses.
The partnership aims to ease payment friction for both software providers and merchants. Software providers will be able to provide instant onboarding to small business clients no matter how they take payments - in store, online, or on-the-go, with the backing and fraud protection of Chase.
Chase and WePay will also allow merchants to accept payments instantly and get paid faster so they never lose a sale.
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.
Matt Kane, CEO of Chase Merchant Services, said: “With WePay, Chase is taking the work out of payments for both our business clients and the software providers who serve them. We are powering payments for growth, so businesses can accept payments instantly, get paid faster, and never lose a sale. And we’ll give ISVs a payment facilitator-like experience without the overhead or increased fraud risk.”
Bill Clerico, founder and CEO of WePay, added: “Being part of the Chase family - with its global capabilities, brand and scale - will help us better support our growing list of platform partners and the businesses they serve. We’re excited to marry the distribution of one of the world’s largest and most respected financial institutions with the best technology and talent in Silicon Valley.”