More than 1,000 software companies have adopted payments as a service from WePay, and expanding that business will be a priority for both organizations. WePay CEO Bill Clerico and his executive team will continue to lead the company, working alongside Chase Merchant Services CEO Matt Kane and his leadership team.
The fintech company will continue as a standalone entity, while also leveraging Chase's broader capabilities and acting as a payments incubator for the firm.
“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," said Clerico. “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.”
Exemplifying its combined strength, the company also announced today that ecommerce leader Volusion will deploy a new payments service called Volusion Payments powered by Chase with WePay. Austin-based Volusion has 30,000 active small- medium-sized merchants with $28 billion in cumulative sales.
“Volusion Payments is an exciting, innovative opportunity for us as a company, as well as for our merchants,” said Kevin Sproles, Volusion's Founder and CEO. “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.”
Making it easier for Chase clients to find all they need to run their business, Chase.com will soon begin featuring software partners – including Volusion. Chase.com is the most visited financial website in the United States, so this move provides business service providers online exposure to millions of potential new customers.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Chase Merchant Services
Merchant Services is the global payment acceptance and merchant acquiring business of JPMorgan Chase & Co. and a leading provider of payment, fraud management and data security solutions, capable of authorizing transactions in more than 130 currencies. JPMorgan Chase passed $1 trillion in merchant processing volume the past two years and was ranked the world’s #1 wholly-owned merchant acquirer by volume by The Nilson Report.