Chase closes WePay acquisition, a deal valued up to $400M.
Banking giant J.P Morgan Chase is taking another step into tapping fintech startups not just for investment, but for growing its business more directly. The company has officially closed its acquisition of WePay, the payments startup that powers payments for crowdfunding platforms like GoFundMe and competes with the likes of Stripe to provide payments infrastructure to any business that makes transactions online.
Sources close to the company have confirmed the price of the deal to us: just over $300 million, and up to $400 million including retention bonuses and earn-outs subject to hitting certain targets in coming quarters. (The terms of the deal were not disclosed when the Chase first announced it was acquiring WePay; it was reported to be higher than $220 million, WePay’s last funding post-money valuation.) WePay had raised $75 million since being founded in 2008 with investors including Y Combinator, August Capital, Max Levchin and many others.