JPMorgan to buy online payment provider WePay

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(Reuters) – JPMorgan Chase & Co said on Tuesday it would acquire online payment provider WePay as the bank looks to integrate payments into software used by small businesses.

WePay’s technology, popular among small businesses, helps online software service providers like FreshBooks and crowdfunding websites such as GoFundMe process payments without impacting the user experience designed by developers.

The terms of the deal were not disclosed.

WSJ reported the price was above the roughly $220 million valuation that WePay achieved in a 2015 fundraising.

Earlier this month, JP Morgan led a $100 million investment in Bill.com, which it partnered with to help business clients make and receive payments electronically.

Reporting by Tamara Mathias in Bengaluru; Editing by Shounak Dasgupta

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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