JPMorgan Chase Acquires WePay: What Investors Need to Know
In October, America's largest bank, JPMorgan Chase & Co. (NYSE: JPM), made a massive acquisition in the financial technology space when it paid an undisclosed sum to acquire WePay. WePay offers payment solutions that provide an ecosystem for customers to use that allow them to seamlessly integrate the ability to make payments into their own services. The company counts businesses like GoFundMe, Meetup, and Webconnex among its clients. For example, it allows GoFundMe to extend payment options to each of its platform users to enable them to accept payments within their own personal fundraising campaigns.
According to the press release, the country's largest bank has several plans for its newest and shiniest fintech toy, not the least of which is to act as its "payments innovation incubator in Silicon Valley." Chase will now be able to offer several more payment capabilities to its 4 million small business customers including the ability to accept card and digital payments almost instantly.
JPMorgan Chase, America's biggest bank, just acquired WePay for more than $220 million. Image source: Getty Images.
Source: Fool.com
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