JPMorgan Chase & Co. plans to acquire payments platform and leading payment facilitator WePay, Chase said yesterday (Oct. 17).
The WePay acquisition will allow Chase to more easily enable independent software vendors (ISVs) to integrate payments into their software and offer instant onboarding to their business clients. Together, the companies will also enable software platforms to easily become payment facilitators, the announcement said.
WePay currently allows software providers such as FreshBooks, Constant Contact and GoFundMe to integrate payments into their platforms using APIs. Chase enables payments acceptance through its Chase Merchant Services business, processing more than $1 trillion in volume during 2016, the company said.
“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 the press release.
“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.”
WePay’s employees will operate as a payments innovation incubator for Chase, according to the announcement.
“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,” Bill Clerico, founder and CEO of WePay, said.
“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.”