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Online Payments

JPMorgan Chase to acquire online payments provider WePay

Wednesday 18 October 2017 | 11:45 AM CET

JPMorgan Chase has unveiled plans to acquire online payments provider WePay as part of a strategy to integrate payments into software for SMBs. 

The bank has refused to disclose the terms of the deal, reports Reuters. 

WePay’s technology, popular among small businesses, helps online software service providers like FreshBooks and crowdfunding websites such as GoFundMe process payments in the background, without having an effect on the user experience designed by developers.

Wall Street Journal reported the price was above the roughly USD 220 million valuation that WePay achieved in a 2015 fundraising.

The new investment shows JPMorgan’s commitment to developing its fintech strategy. There have been 166 fintech payment deals totalling at least USD 29.3 billion in 2017, according to the WSJ, making payments the largest segment for fintech investment.

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