by Ray Hayes
Financial technology is a booming business and Fortune 500 companies are looking to enter the market fast. According to reports, $930 million was invested globally in fintech companies in 2008 and that number, as of 2014, has jumped significantly to an estimated $12 billion.
JP Morgan has recently made a play at the growing fintech industry, purchasing the online payment service provider WePay for a reportedly $220 million. According to these reports, “The deal promises to expand JPM’s efforts to more deeply integrate its banking services into millions of small businesses.”
“WePay is a platform payments company that provides a payments API as well as payment, risk and support products and services to software and platform companies.” The fintech startup offers merchant onboarding, payment processing mobile application and much more.
With the JPM acquisition of WePay, the bank plans to, “…offer more integration points for businesses of all sizes as it seeks to more deeply embed its services into business transactions.” JPM can now offer more banking services for small businesses worldwide, making this a big win for small businesses and the bank.