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WePay Closes $40 Million Series D Round Led by FTV Capital

WePay_homepage_May2015

Payment-processor WePay has just added $40 million in new funding to its investment total, courtesy of a Series D investment led by FTV Capital. Also participating in the investment was Japanese eCommerce company, Rakuten.

The Series D round takes WePay’s overall capital to more than $75 million. The funding will help WePay expand internationally, “potentially to the U.K. and Australia.”

In a statement from WePay, co-founder and CEO Bill Clerico published in the WePay blog, Clerico calls the funding “a testament to the amazing work of the nearly 100 men and women I have the privilege to work with every day.” To this point, Clerico announced plans to triple the size of his team over the next 18 months, adding another 200 workers.

WePay_FS2014_stage

April Rassa, WePay director of product marketing, and John Canfield, VP of risk management, demonstrated WePay’s Veda Risk Engine and API at FinovateSpring 2014.

WePay provides payment services for crowdfunding and e-commerce platforms, such as GoFundMe and Freshbooks, as well as brand names and public companies, such as Customlink and Constant Contact. The company has 1,000 partners using its API, with more than 500,000 merchants using WePay’s platform. The company has processed more than $1.5 billion in transaction volume since inception, and earlier this year announced a deal with Google Wallet that will put the former’s Instant Buy API in 200,000 e-commerce sites.

FTV Capital partner Chris Kinship will join WePay’s board as part of the deal. He noted the investing in WePay was a matter of the company “finally (getting) to the right size and scale and metrics. He added that his firm had considered investments in other fintech companies in the past, but had held back because the market “didn’t seem quite ready.”

“The reason we didn’t invest in Square and other businesses in the space is that we didn’t see something in their business model that could grow up at scale. WePay can,” Kinship said.

Founded in 2009 and headquartered in Palo Alto, Calif., WePay made its Finovate debut last year at FinovateSpring 2014 in San Jose, Calif., presenting its Veda Risk Engine and Risk API.