WePay is an online payment service provider based in the United States
that provides an integrated and customizable payment solution through
its APIs to platform businesses such as crowdfunding sites,
marketplaces and small business software companies. It offers partners
fraud and risk protection.
7 External links
WePay was founded by Rich Aberman and Bill Clerico in 2008 in Boston,
Massachusetts, and is now headquartered in Redwood City,
California. The original inspiration for
WePay occurred to
Aberman when he had difficulty raising money for his brother's
bachelor party. Aberman had to collect $4,200 from 14 friends spread
across the United States to pay for bottle service at a club, rent at
a Florida beach house, and food. Through a series of cash, checks, and
PayPal money transfers, Aberman was eventually able to collect the
money he needed. Aberman found the process very burdensome and
believed that there should be an easier way to collect money from
people. After studying PayPal's weaknesses, Aberman asked Clerico
to help him to solve this problem and create WePay.
Aberman and Clerico were accepted by Y Combinator in California, which
prompted Aberman and Clerico to move the company to the Silicon
Valley. On the West Coast, they received monetary support from Max
Levchin, a cofounder of PayPal, and Ron Conway, an angel investor.
The company received $1.65 million from
August Capital during initial
fundraising efforts; by August 2010, it received an additional $7.5
Highland Capital Partners and August Capital. By
WePay had raised $9 million in funding. Other
investors include Orlando Ramos, founder of Cyberpowerdepot, Steve
Chen, a cofounder of YouTube, and Eric Dunn, a former CTO of
Intuit, as well as entrepreneur Dave McClure. In May 2011,
founders Bill Clerico and Rich Aberman were named two of the Best
Young Tech Entrepreneurs by Bloomberg Businessweek.
Aberman and Clerico found trouble seeking traction in the peer-to-peer
group payments space so they decided to shift the focus of the company
to help small businesses accept credit cards online.
realized that the highest growth part of their business and the one
where they had a unique value proposition was through its APIs, which
they had opened up in 2011. In 2014,
WePay discontinued its
donation service to focus on its other products. In 2015, WePay
raised a $40 million round from FTV Capital and the Japanese
e-commerce company Rakuten. According to CEO Bill Clerico, the purpose
of this round was to accelerate WePay’s efforts to expand its
efforts to support payments in more countries internationally. In
JPMorgan Chase announced that it would acquire
a reported valuation of over $220 million.
This article contains content that is written like an advertisement.
Please help improve it by removing promotional content and
inappropriate external links, and by adding encyclopedic content
written from a neutral point of view. (September 2017) (Learn how and
when to remove this template message)
WePay is a privately held company that offers payment capabilities to
business platforms and makes money by charging service fees when
WePay enables secure, customized, and frictionless
payments to platforms through its APIs.
WePay offers fraud and risk protection as a service through its
proprietary risk prevention system and through several third party
vendors. The company detects fraud by using a number of data sources,
including social data connections as well as machine learning
algorithms. According to Aberman, "[
WePay uses] your online
identity to verify your identity in the real world."
WePay offers partners three levels of customer support. Silver is the
base level of support for platform businesses during standard business
hours via email. Gold is a higher level of support that includes
supporting customers through phone calls, email, and quicker response
time. Platinum receives the highest level of support with 24/7
all-week service through all mediums and a dedicated technical account
representative. In 2016,
WePay was awarded over 7 Stevie Awards for
excellence in sales and customer service. There were over 21,000
award nominations across all industries and over 500 domestic and
international executives in attendance.
WePay has also won over 10
Stevie Awards in 2017 winning the highest honor of Gold Award for
Sales Distinction of the Year, Best Use of
Technology in Sales,
Customer Service Department of the Year in Financial Services.
According to WePay’s CEO Bill Clerico, "We serve some big, global
crowdfunding sites and marketplace platforms, and we want to help them
move money all over the world." In early 2015,
WePay opened its
services to businesses in Canada. In 2016, the payment facilitator
also announced opening operations for businesses in the United
In 2016 the
Silicon Valley Business Journal shared that
WePay is among
its top 500 fastest growing privately held startups with over 1500%
growth from the prior year. In September 2011, the company
employed 30 people. Co-founder Clerico stated in an interview with
Forbes contributor Elizabeth Woyke that billions of dollars are
channeled through the company's services each week. In October
2011, the number of
WePay employees increased by 20%. After its
Series D round in 2015, the company said that it had over 100
employees, and had plans to grow to 200 in the next 18 months.
WePay now has over 180 employees located in California, Rhode Island,
and the UK.
WePay has also been recognized by multiple sources like PR
Newswire as one of the best companies to work for in the Bay Area.
Since its inception,
WePay has partnered with over 1,000 businesses
and nonprofits. It is considered a market leader among payments
providers for crowdfunding sites and small business tools. Some
partners include GoFundMe, Ecwid, Freshbooks, Ticketbud, Infusionsoft,
Classy, Buildertrend, Constant Contact, and Meetup. The company has
also partnered with both Apple Pay and Android Pay to enable customers
to transact those forms of payment.
The founders of
WePay made an unexpected appearance at PayPal’s 2010
developer conference in San Francisco, California. The stunt involved
dropping a 600-pound block of ice filled with hundreds of dollar
bills. The statement was that
PayPal freezes your money and that
better payment processors exist.
In 2011, the company was used by many
Occupy Wall Street
Occupy Wall Street supporters to
donate money to the movement, which resulted in a surge of
transactions. Dominic Basulto of
The Washington Post
The Washington Post called WePay
the "de facto official way" to give financial donations to the Occupy
movement "while simultaneously bypassing the largest financial
institutions". By October 27, 2011, over 8,000 donors from 37
countries had donated $325,000 to the movement. The donations are
funneled through 300 Occupy-affiliated accounts, which are linked on
Occupy Wall Street's website, Twitter, and
WePay has supported fundraising efforts for hundreds of disaster
relief campaigns and humanitarian causes through crowdfunding sites
such as GoFundMe, YouCaring, Razoo, Crowdrise and Rallybound. Some of
these campaigns relate to Hurricane Sandy, Earthquakes in Nepal, the
Sandy Hook Elementary School shooting, the Orlando Nightclub Shooting
and many more. However,
WePay declined to process payments for
over $24,000 in donations to legal cannabis growers affected by the
October 2017 Northern California wildfires.
^ a b Xavier, Jon. "Hello Redwood City!".
WePay Blog. WePay. Retrieved
6 August 2015.
^ a b https://go.wepay.com/about-wepay
^ Penn, David. "
WePay Closes $40 Million Series D Round Led by FTV
Capital". Finovate Blog. Finovate. Retrieved 6 August 2015.
^ a b c Kirsner, Scott (2010-12-20). "Born in Boston, growing in
Calif". Boston Globe. Archived from the original on 2011-01-09.
^ a b Alsever, Jennifer (2010-10-12). "
WePay is the anti-PayPal".
CNNMoney.com. Archived from the original on 2011-01-09. Retrieved
WePay set out to kill PayPal". OneIndia. 2010-10-16. Archived from
the original on 2011-01-09. Retrieved 2011-01-09.
^ Barbierri, Cody (2010-08-12). ""Group" paying service
$7.5M boost". VentureBeat. Reuters. Archived from the original on
2011-01-09. Retrieved 2011-01-09.
^ "WePay's Group Payments Get Some Big-Name Backers, Including Max
Levchin". TechCrunch. Archived from the original on 2011-11-23.
^ "Best Young Tech Entrepreneurs". Bloomberg Businessweek. 2011-05-17.
Archived from the original on 2011-11-23.
^ "Why did
WePay pivot". Quora. 2012-01-11. Archived from the original
^ Reader, Ruth. "
WePay raises $40M to take its marketplace payment
platform global". VentureBeat. VentureBeat. Retrieved 6 August
^ ""JPMorgan to buy online payment provider WePay"". Reuters.
2017-10-17. access-date= requires url= (help)
^ Condon, Stephanie. "
JPMorgan Chase to acquire payments platform
WePay ZDNet". ZDNet. Retrieved 2017-10-18.
^ a b
^ a b https://www.webcitation.org/63Og4ISrk
^ Terdiman, Daniel (2011-11-14). "At WePay, planning a 'balls to the
wall' 2012". CNET. Archived from the original on 2011-11-22. Retrieved
^ Basulto, Dominic (2011-11-02). "The real Wall Street occupation is
online". The Washington Post. Archived from the original on
2011-11-22. Retrieved 2011-11-22.
^ "Website: More than 8,000 donors for Occupy Wall St". The Wall
Street Journal. 2011-11-01. Archived from the original on 2011-11-22.
^ Boyle, Christina (2011-10-29). "'1%' proving protesters right". New
York Daily News. Archived from the original on 2011-11-22. Retrieved
^ Kukura, Joe (2017-10-17), "
WePay Wipes Out Marijuana Wildfire Relief
Fund", SF Weekly, retrieved 2017-10-18
WePay at CrunchBase
J.P. Morgan & Co.
Chase Card Services Canada
EMC Mortgage Company
Highbridge Capital Management
J.P. Morgan Cazenove
One Equity Partners
Notable current executives
Jamie Dimon (CEO)
Notable former executives
John Pierpont Morgan
J. P. Morgan
J. P. Morgan Jr.
Junius Spencer Morgan
Henry Sturgis Morgan
William B. Harrison Jr.
John B. McCoy
Walter V. Shipley
Douglas A. Warner III
James B. Lee Jr.
Thomas W. Lamont
John J. McCloy
Matthew E. Zames
Board of directors
Linda B. Bammann
James A. Bell
Crandall C. Bowles
Stephen B. Burke
Todd A. Combs
James S. Crown
Timothy P. Flynn
Laban P. Jackson Jr.
Michael A. Neal
Lee R. Raymond
William C. Weldon
Anchor Savings Bank
Banca Commerciale Italiana Trust Co.
The Manhattan Company
Bank United of Texas
Chase Manhattan Bank
Continental Bank and Trust
Corn Exchange Bank
Dime Savings Bank of New York
Great Western Bank
Hambrecht & Quist
H. F. Ahmanson & Co.
J.P. Morgan & Co.
National Bank of Detroit
National Park Bank
New York Trust Company
Robert Fleming & Co.
State Bank of Chicago
Texas Commerce Bank
Valley National Bank of Arizona
125 London Wall
245 Park Avenue
25 Bank Street
270 Park Avenue
277 Park Avenue
383 Madison Avenue
Chase Tower (Amarillo)
Chase Tower (Chicago)
Chase Tower (Dallas)
Chase Tower (El Paso)
Chase Tower (Englewood, Colorado)
Chase Tower (Indianapolis)
Chase Tower (Milwaukee)
Chase Tower (Oklahoma City)
Chase Tower (Phoenix)
Chase Tower (Rochester)
Indiana Michigan Power Center (Fort Wayne)
JPMorgan Chase Building (San Francisco)
JPMorgan Chase Tower (Houston)
One Chase Manhattan Plaza
The Qube (Detroit)
Payment service providers
CNG Processing A/S
Paysafe Group (
Neteller and Skrill)
Red Dot Payment