JPMorgan to buy online payment provider WePay

Industries Reuters

The logo of Dow Jones Industrial Average stock market index listed company JPMorgan Chase (JPM) is seen in Los Angeles, California, United States, in this October 12, 2010 file photo. REUTERS/Lucy Nicholson/File Photo - RTX2E4B4 (Copyright Reuters 2016)

PMorgan Chase said on Tuesday it would acquire online payment provider WePay as the bank looks to integrate payments into software used by small businesses.

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WePay's technology, popular among small businesses, helps online software service providers like FreshBooks and crowdfunding websites such as GoFundMe process payments without impacting the user experience designed by developers.

The terms of the deal were not disclosed.

WSJ reported the price was above the roughly $220 million valuation that WePay achieved in a 2015 fundraising.

Earlier this month, JP Morgan led a $100 million investment in Bill.com, which it partnered with to help business clients make and receive payments electronically.

 

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(Reporting by Tamara Mathias in Bengaluru; Editing by Shounak Dasgupta)