JPMorgan Chase announced a proposal to purchase the bitcoin-bullish startup “WePay” to assist its 4 million small-business consumers receive payments faster.
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“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,” said Matt Kane, CEO of Chase Merchant Services.
WePay, established in 2008, currently works with platforms GoFundMe and FreshBooks. WePay is a platform payments company that provides a payments API as well as payment, risk and support products and services to software and platform companies.
“We do payments for software and platforms, that’s all we do and we do it better than anyone else.”
JPMorgan has aggregated partnerships with “fintech” startup companies in the past, most notably Bill.com and On Deck Capial Inc.
“This is the first acquisition we’ve brought of this kind,” Kane said.
“Small business across JPMorgan is an enormous strategic focus for us. We know it’s the lifeblood of the economy as well as one of the biggest growth sectors that we have.”
CEO and founder of WePay, Bill Clerico, said he’s additionally been requested to transform JPMorgan into a technology employer in the San Francisco Bay Area, where the WePay team will remain to manage JPMorgan’s payments modernization incubator.