WePay

WePay was founded by Rich Aberman and Bill Clerico in 2008 in Boston, Massachusetts, and is now headquartered in Redwood City, California. The original inspiration for WePay occurred to Aberman when he had difficulty raising money for his brother's bachelor party. Aberman had to collect $4,200 from 14 friends spread across the United States to pay for bottle service at a club, rent at a Florida beach house, and food. Through a series of cash, checks, and PayPal money transfers, Aberman was eventually able to collect the money he needed. Aberman found the process very burdensome and believed that there should be an easier way to collect money from people. After studying PayPal's weaknesses, Aberman asked Clerico to help him to solve this problem and create WePay.

Aberman and Clerico were accepted by Y Combinator in California, which prompted Aberman and Clerico to move the company to the Silicon Valley. On the West Coast, they received monetary support from Max Levchin, a cofounder of PayPal, and Ron Conway, an angel investor. The company received $1.65 million from August Capital during initial fundraising efforts; by August 2010, it received an additional $7.5 million from Highland Capital Partners and August Capital. By December 2010, WePay had raised $9 million in funding. Other investors include Orlando Ramos, founder of Cyberpower Depot, Steve Chen, a cofounder of YouTube, and Eric Dunn, a former CTO of Intuit, as well as entrepreneur Dave McClure. In May 2011, founders Bill Clerico and Rich Aberman were named two of the Best Young Tech Entrepreneurs by Bloomberg Businessweek. In 2014, WePay discontinued its donation service to focus on its other products. In 2015, WePay raised a $40 million round from FTV Capital and the Japanese e-commerce company Rakuten. According to Former CEO Bill Clerico, the purpose of this round was to accelerate WePay's efforts to expand its efforts to support payments in more countries internationally. In October 2017, JPMorgan Chase announced that it would acquire WePay for a reported valuation of over $220 million.

WePay is a privately held company that offers payment capabilities to business platforms, making money through charging service fees when processing funds. WePay enables payments to platforms through its APIs.

WePay offers fraud and risk protection as a service through its proprietary risk prevention system and through several third party vendors. The company detects fraud by using a number of data sources, including social data connections as well as machine learning algorithms. According to Aberman, "[WePay uses] your online identity to verify your identity in the real world."