JP Morgan Chase has acquired online payment platform WePay for an undisclosed sum.
The bank intends to use WePay’s APIs to help small business integrate payments into their software, with the backing and fraud protection of JP Morgan.
Founded in 2008, WePay will continue to exist as Chase's payments innovation incubator in Silicon Valley.
“With WePay, Chase is taking the work out of payments for both our business clients and the software providers who serve them,” said Matt Kane, CEO of Chase Merchant Services, JP Morgan’s payment acceptance and merchant acquisition business.
“We are powering payments for growth, so businesses can accept payments instantly, get paid faster, and never lose a sale. And we’ll give ISVs (Independent Software Vendors) a payment facilitator-like experience without the overhead or increased fraud risk.”
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