WePay, an online payments provider that specifically focuses on crowdfunding sites, marketplaces and small business software, has announced the closing of a $40m Series D funding round.
Originally starting out as a group that supported money transfers and payment collection between companies, WePay now processes payments for online marketplaces, donation sites and other web businesses, including GoFundMe and Care.com.
‘‘For WePay, this is a huge milestone; $40 million represents more capital than we’ve raised in the past seven years combined. We have some fierce competitors, as anyone in an exciting market should. But even more than our best-in-class risk technology, our innovative product, or our customer-centric support, it is our values that set us apart,’’ commented Bill Clerico, CEO and co-founder of WePay in a statement published on the company’s website.
The funding round was led by FTV Capital. Japanese e-commerce firm Rakuten and existing investors Highland Capital Partners, August Capital, Continental Investors and Ignition Partners also invested into the US-based payment company. This latest funding round takes WePay’s venture funding total to $75m.
The money will be used to improve WePay in a number of ways. Clerico stated that the ‘‘capital will significantly increase our investment in new products to help them grow. We’re looking forward to exciting product enhancements in the months ahead, along with faster international expansion.’’
Looking further into WePay’s expansion plans, the payment firm aims to triple its team within the next 18 months and open offices in multiple countries. The investment also allows Chris Winship, partner at FTV Capital, to join WePay’s board of directors.
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