JP Morgan Chase Acquires WePay

JP Morgan Chase has arranged to buy WePay, in its first major procurement of a fintech (financial technology) firm. WePay will continue to provide its customers with integrated payments using the company’s payment technology.

“With this partnership, the small- and medium-sized businesses we work with will be able to get up and running instantly, with a next-day settlement, competitive rates, and all of their payment processing tightly integrated within the software they’ve already chosen for managing their online stores.” Kevin Sproles, Founder and CEO of Volusion.

WePay to continue as a separate entity

The fintech company will still function as a separate entity, while still acting as a financial technology firm for Chase customers. JP Morgan did not divulge any information about the value of the acquisition.

WePay logo

However, the Wall Street Journal reported that the amount was more than $220 million.
GoFundMe, FreshBooks, and Constant Constant are just some of the online companies that currently use WePay’s platform.

Chase’s official website will soon start to introduce some of its software partners like Volusion.  Chase.com is currently the most visited financial website in the U.S., making WePay’s acquisition a great step to get even more potential customers.

“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

About JPMorgan Chase & Co.

JPMorgan Chase & Co. is one of the top global financial firms and is considered as the frontrunner in financial services for both consumers and small businesses, investment and commercial banking, asset management, and financial transaction processing.

Chase Merchant Services is an internationally accepted payment platform and merchant acquiring the business of the company. It’s currently offers, payment, fraud management and data security.

The company has recently passed $1 trillion in merchant processing volume in the past two years and currently leads the world’s top wholly-owned merchant acquirer based on volume.

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