WePay is a Silicon Valley Payments firm that was founded in the year 2008 by Bill Clerico (CEO) and Richard Aberman (Vice President). WePay has processed transactions for more than 2,50,000 users and 300+ API partners. The company's customer service team recently won the 2013 Gold Stevie award for its outstanding work serving customers. Some of the customers using Wepay API to handle their payments are GofundMe, Honeyfund, Fundly, Custommade, care.com and Less Accounting.
Since its inception, the company has raised total funding of $35 Million till date.
- In the year 2009, it raised funds of $1.75 M from August Capital, Max Levchin, Eric Dunn, SV Angel, Mark Goines, Paul Buchheit, Angus Davis and others.
- In the year 2012, $10M in funding was raised from Ingenico Partner.
On 15 January 2014, Wepay raised funding of $15 Million from investors like Series C Financing led by Phil Purcell of Continental Investors (co-founder of the Discover Card who served as a CEO of Morgan Stanley). The other investors include Max Levchin, Maynard Webb (WIN Investment Network) and Raymond Tonsing.
Wepay’s initial solution was designed to help friends send and receive money with each other online. In 2012 its API was designed to leverage its years of experience directly working with small merchants.
WePay in 2013, The Company started Intelligent Proprietary engine Veda, deployed within the company internal system to evaluate the risk of potential merchants and catch fraudsters before they act. In just six months, the patent-pending technology behind Veda has stopped more than $30 million in attempted fraud. Veda also uses pattern recognition, integrated support data, and automatic cross-referencing to analyze risk.
Following are the features of WePay Veda:-
- Faster sign-up :-
Veda asks for only five pieces of information i.e. (first name, last name,Name of business, email address, phone number).
- Faster payments to merchants:-
Wepay helps in making the payments faster by reducing the settlement time in sending and receiving money.
Video on How WePay Works
According to the CEO Bill Clerico “A traditional credit score only shows a sliver of who you are, but online data paints a more complete picture and is more difficult to fake. This allows us to know our merchants better and get them their money faster."
WePay easy-to-use online payment tools for small businesses include a Mobile application, online invoices, on-site checkout buttons, virtual terminal for charging credit cards, as well as an application programming interface (API) for partners. New customers can be up and running and accepting credit cards in less than one minute.