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.
* 1 History
* 2 Services
* 3 Growth
* 4 Partnerships
* 5 Movements
* 6 References
* 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
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
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
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.
WePay then 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,
its donation service to focus on its other products. In 2015, WePay
raised a $40 million round from FTV Capital and the Japanese
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.
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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, " 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
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
"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 .
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WePay Closes $40 Million Series D Round Led by
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WePay raises $40M to take its marketplace
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JPMorgan Chase to acquire payments platform
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the wall\' 2012".
CNET . Archived from the original on 2011-11-22.
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* ^ Kukura, Joe (2017-10-17), "
WePay Wipes Out Marijuana Wildfire
SF Weekly , retrieved 2017-10-18