JPMorgan Chase closes WePay takeover

US banking group JPMorgan Chase has closed the acquisition of WePay, a US-based online payment service provider.

JPMorgan Chase closes WePay takeover

WePay will operate as a standalone company and will continue to be headed by its existing CEO Bill Clerico. The acquisition, announced in October 2017, will make Chase’s network of four million small business clients available to software developers powering payments with WePay.

“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,” Clerico noted.

In addition, WePay announced that Volusion, an e-commerce firm with 30,000 active small- medium-sized merchants and a cumulative $28bn in sales, will implement a new payments service known as Volusion Payments powered by Chase with WePay.