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JPMorgan Chase to buy US payments company WePay

BBR Staff Writer Published 18 October 2017

Financial services firm JPMorgan Chase has agreed to acquire US-based payments company WePay.

Founded in 2008, WePay offers payments-as-a-service APIs, as well as payment, risk and support products and services to software and platform companies.

Chase and WePay will help business app makers and independent software vendors (ISVs) to integrate payments into the software commonly used by small businesses.

Chase and WePay will enable merchants to accept payments instantly and get paid faster, while software platforms can easily become payment facilitators or third party payment processors.

WePay’s APIs will allow to integrate payments for global software platforms such as FreshBooks, Constant Contact and GoFundMe.

The deal is subject to approvals and customary closing conditions.

Chase Merchant Services CEO Matt Kane 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.”

WePay founder and CEO Bill Clerico 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.”

Chase Merchant Services, which is the global payment acceptance and merchant acquiring business of JPMorgan Chase, offers payment, fraud management and data security solutions. It has capacity to authorize transactions in more than 130 currencies.

Image: JPMorgan Chase headquarters in Manhattan, New York City, New York, US. Photo: courtesy of official-ly cool/Wikipedia.