The financing round has been led by investing companies Highland Capital Partners and August Capital. WePay will use the funds to expand its presence on the market, build out operations as well as its engineering infrastructure.
The second funding round has been preceded by an A round of capital absorption in December 2009 that included August Capital, Max Levchin (the founder of PayPal), Ron Conway (early investor in Google, Facebook and Twitter) andEric Dunn (former CTO and CFO of Intuit).
WePay has recently launched a public beta version of its online group payment product. The service is set to enable 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 cheques or electronic transfers. Clubs, organizations and associations can use WePay to send bills and collect money, solicit donations and send reimbursements.
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