WePay announced today it is officially a Chase company, after JPMorgan Chase completed the transaction announced in October.
WePay will continue to provide integrated payments to global software platforms like Freshbooks and Constant Contact, now with the backing of the nation’s largest financial institution. As part of the Chase family, it will provide instant merchant onboarding and give software developers and partners access to Chase’s network of four million small business clients.
“With this partnership, the small- and medium-sized businesses we work with will be able to get up and running instantly, with next-day settlement, competitive rates, and all of their payment processing tightly integrated within the software they’ve already chosen for managing their online stores.”
More than 1,000 software companies have adopted payments as a service from WePay, and expanding that business will be a priority for both organizations. WePay CEO Bill Clerico and his executive team will continue to lead the company, working alongside Chase Merchant Services CEO Matt Kane and his leadership team.
The fintech company will continue as a standalone entity, while also leveraging Chase's broader capabilities and acting as a payments incubator for the firm.
“We see exponential growth ahead of us as we combine our fintech products and culture with the global brand, scale, proficiencies, and distribution of Chase," said Clerico. “We are headed into a massive expansion of our team, with particular focus on engineering and product management, and looking for a new headquarters in the Bay Area to accommodate our planned growth.”
Exemplifying its combined strength, the company also announced today that ecommerce leader Volusion will deploy a new payments service called Volusion Payments powered by Chase with WePay. Austin-based Volusion has 30,000 active small- and medium-sized merchants with $28 billion in cumulative sales.
“Volusion Payments is an exciting, innovative opportunity for us as a company, as well as for our merchants,” said Kevin Sproles, Volusion's Founder and CEO. “With this partnership, the small- and medium-sized businesses we work with will be able to get up and running instantly, with next-day settlement, competitive rates, and all of their payment processing tightly integrated within the software they’ve already chosen for managing their online stores.”
Making it easier for Chase clients to find all they need to run their business, Chase.com will soon begin featuring software partners – including Volusion. Chase.com is the most visited financial website in the United States, so this move provides business service providers online exposure to millions of potential new customers.