WePay raises $40m

WePay raises $40m

E-commerce payment processor WePay has raised $40 million in a Series D funding round led by FTV Capital and joined by Japan's Rakuten.

Like PayPal, Stripe and others, WePay provides an API that firms can embed within their sites to accept payments. The company targets "platform businesses" like crowdfunding sites and marketplaces, with customers including Care.com, GoFundMe and Meetup.

The firm argues that over the last five years, e-commerce has shifted from traditional retailers to these marketplaces - like Airbnb and Uber - but that this creates risk, regulatory and operational challenges that it helps address.

Earlier this year WePay became the first provider to integrate with Google's Instant Buy API, a service that lets Google Wallet users check out in just two clicks on mobile and web.

Having seen its first quarter revenues increase 123% on the previous year, the Palo Alto-based outfit is now planning to use its new funding to expand operations outside of the US.

Bill Clerico, CEO, WePay, says: "Payments are one of the most critical challenges for online platforms, and before WePay they've had to build complex, proprietary systems to facilitate payments. We built our solution to help platforms and marketplaces facilitate payments, without the accompanying risk and regulatory overhead."

Existing investors Highland Capital Partners, August Capital, Continental Investors and Ignition Partners all participated in the round, which brings WePay’s total financing to $75 million.

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