Online payment platform WePay just announced that the company has secured a $10 million investment by venture capital firm Ignition Partners. The fresh funds will be used to scale WePay’s workforce and technology. It is expected that the company will launch several improvements including a mobile application in 2012.
Who is the “PayPal-rival” that reported a 10x growth in 2011? WePay was founded in 2008 by Bill Clerico and Rich Aberman with the goal to create an easy to use payment collection platform. The company is now headquartered in Palo Alto, CA and has raised a total of $20 million in funding. Among their investors are well known names such as Y Combinator, YouTube founder Steve Chen, and PayPal co-founder Max Levchin.
WePay started as an online group payment for individuals. Over time, the product portfolio evolved and WePay is now offering a range of payment solutions: sell items and tickets online, send bills online and accept donations online to individuals, small and medium-sized businesses and large merchants. WePay charges a fee of 3.5% ($0.50 minimum) for receiving credit card payments and a flat fee of $0.50 for bank payments. Currently WePay’s services are only available for users in the United States.
Check out the embedded video to see how WePay works: