In its first major fintech acquisition, JPMorgan Chase will acquire WePay, bringing its software to the small businesses the bank serves.
Founded in 2008, the Redwood City, Calif.-based WePay provides payment solutions for enterprises. JPMorgan Chase will be using its software for its small business clients, which currently number at about four million.
WePay’s technology is presently underpinning the crowdfunding service GoFundMe as well as the accounting service Freshbooks, among its other clients.
JPMorgan Chase reportedly acquired the fintech for over $220 million, according to the Wall Street Journal, though the bank has not itself disclosed the purchase amount.
Read more at CNBC, the Wall Street Journal, and Finextra.