J.P. Morgan Chase has finalized its acquisition of WePay, a deal that was first announced in October 2017. The purchase is said to be valued at up to $400 million, which also includes “retention bonuses and earn-outs subject to hitting certain targets in the coming quarters,” according to TechCrunch.
WePay will continue as a standalone entity providing integrated payments to global software platforms. In addition, the company will offer instant merchant onboarding and provide software developers and partners to Chase’s network of four million small business clients.
Bill Clerico, WePay’s CEO, will continue to lead the company, working with his existing executive team alongside Chase Merchant Services CEO Matt Kane and his leadership team.
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“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 in a statement. “We are headed into a massive expansion of our team, with a particular focus on engineering and product management, and looking for a new headquarters in the Bay Area to accommodate our planned growth.”
In addition, the company announced that Volusion, an Austin-based e-Commerce platform provider with 30,000 active SMB merchants as clients, will deploy a new payments service called Volusion Payments that will be powered by Chase with WePay.
“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,” said Kevin Sproles, Founder and CEO of Volusion in a statement.
