JPMorgan Chase announced Tuesday that it's acquiring WePay, a nine-year-old Silicon Valley firm that delivers payments-as-a-service APIs. Financial terms of the deal were not disclosed.
At a time when software-enabled payments are growing at four times the industry average, the acquisition will give Chase's business customers access to a simple platform for embedding payment acceptance into their digital experiences.
"With WePay, Chase is taking the work out of payments for both our business clients and the software providers who serve them," Matt Kane, CEO of Chase Merchant Services, said in a statement. "We are powering payments for growth, so businesses can accept payments instantly, get paid faster, and never lose a sale. And we'll give ISVs a payment facilitator-like experience without the overhead or increased fraud risk."
Multiple large software platforms -- such as FreshBooks, Constant Contact and GoFundMe -- already use WePay's APIs for integrating payments.
After the acquisition, WePay and its employees will operate as Chase's payments innovation incubator in Silicon Valley.
The acquisition follows other efforts from Chase to facilitate digital financial services for small businesses. Last month, the company announced a collaboration with Bill.com, while earlier this year Chase extended its digital lending collaboration with OnDeck.