New York — JPMorgan Chase plans to acquire the start-up WePay to help its 4-million small-business customers accept payments faster. The deal would let the bank’s customers integrate payments into the software they used, New York-based JPMorgan said on Monday in an e-mailed statement, without disclosing terms. WePay, founded in 2008, already works with software platforms like GoFundMe and FreshBooks, JPMorgan said. JPMorgan has already formed partnerships with financial-technology start-ups Bill.com and On Deck Capital for its small business unit. While JPMorgan and WePay considered partnering, ultimately they decided the payments firm would be more successful under the bank, Matt Kane, CEO of the bank’s merchant services division, said in a telephone interview. "This is the first acquisition we’ve brought of this kind," Kane said. "Small business across JPMorgan is an enormous strategic focus for us. We know it’s the lifeblood of the economy as well as one of the biggest growth sec...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.