The company has revealed plans to use the capital to accelerate its growth through further investments in its payments API product and international expansion. Revenue from WePay payments API has grown over 600% in 2013 and the company has over 300 platform partners.
In addition, WePay has also revealed plans to discontinue its direct-to-consumer offering in order to focus exclusively on its payments API built specifically for platform businesses such as online marketplaces, crowdfunding websites and small business software.
All existing institutional investors, including Highland Capital Partners, August Capital and Ignition Partners, participated in this round. This round brings WePay’s total financing to USD 35 million.
WePay currently offers a range of payment products which are mostly aimed at the small and medium sized online businesses. The company’s tools currently focus on four use cases: selling products online, selling tickets, accepting donations and sending bills to request payments. Merchants can use WePay’s tools to set up online stores and embed them on their own websites.
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