Leading investment banking company J.P Morgan Chase has finalized its buy out of WePay. The initial announcement of this deal was made in October 2017. Sources have indicated that the deal value is said to be worth $400 million. Furthermore, the deal also includes “retention bonuses and earn-outs subject to achieving some targets in the forthcoming quarters.”
WePay will continue to operate in a standalone mode, providing integrated payment solutions to global software platforms. Moreover, the company will also provide instant merchant onboarding and provide the developer and partner community to four million small business clients of Chase’s network.
CEO of WePay, Bill Clerico, will continue to lead the company. He and his executive team will be working along with CEO of Chase Merchant Services, Matt Kane, and his leadership team.
Bill Clerio said, “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. 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.”
Additionally, ecommerce company Volusion will deploy a new payment service called Voluion Payments, which will be powered by Chase and WePay.
Speaking on this collaboration, Kevin Sproles, Founder and CEO of Volusion said, “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.”