JPMorgan Chase has completed the acquisition of online payment service provider WePay. The fintech company will continue to operate as a standalone entity.
The deal, first announced in October this year, will give software companies powering payments with WePay access Chase’s four million small businesses.
Even after the completion of the deal, WePay will continue to be led by Bill Clerico as CEO. Clerico and his team will work closely with Chase Merchant Services CEO, Matt Kane, and his leadership team.
Clerico 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 particular focus on engineering and product management, and looking for a new headquarters in the Bay Area to accommodate our planned growth.”
Separately, Chase announced that Austin-based e-commerce firm Volusion will go live with a new payments service known as Volusion Payments powered by Chase with WePay. Volusion serves 30,000 active small- and medium-sized merchants with $28bn in cumulative sales.