The service enables groups to collect, manage and spend money. Users can create free FDIC-insured accounts, from which they can send electronic bills (which can be paid with bank accounts or credit cards) and spend funds with a WePay VISA prepaid card, paper checks or electronic transfers. Clubs, organizations and associations can use WePay to send bills and collect money, solicit donations and send reimbursements.
The company is backed by investors and payment entrepreneurs, including August Capital, Max Levchin (the founder of PayPal), Ron Conway (early investor in Google, Facebook and Twitter), Eric Dunn (former CTO and CFO of Intuit).
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