In an announcement, WePay said that under the terms of the deal, announced in October, the company will continue as a standalone operation, “while also leveraging Chase's broader capabilities and acting as a payments incubator for the firm.” In terms of management structure, WePay CEO Bill Clerico will continue to lead WePay and will work directly with Chase Merchant Services CEO Matt Kane.
WePay said that as part of Chase, the company will provide instant merchant onboarding and will give software developers access to the installed Chase network of 4 million small business clients.
In conjunction with the announcement Monday, WePay said eCommerce firm Volusion will deploy a new payments service called Volusion Payments powered by Chase with WePay. Volusion has 30,000 active small- medium-sized businesses (SMBs) and a cumulative $28 billion in sales.
Chase, WePay said, will “soon begin featuring” software partners, including the aforementioned Volusion.
“We see exponential growth ahead of us as we combine our FinTech products and culture with the global brand, scale, proficiencies and distribution of Chase,” Clerico said in a statement. “We are headed into a massive expansion of our team, with particular focus on engineering and product management, and looking for a new headquarters in the Bay Area to accommodate our planned growth.”
In an interview with PYMNTS’ Karen Webster in October, after the deal was announced, Clerico said of the merger’s roadmap that “you can see, in the future, a world where we have a number of software products and software partnerships on one side and a number of small business customers on the other side, and a marketplace, if you will, that helps match firms to the software that will best help them.”
In addition, Kane told Webster the acquisition will offer platform developers an ability to expand beyond embedding payments inside their own platforms.