FTV Management Company, L.P.
  • News
  • Insights
  • Company
  • Growing Companies
    • Overview
    • FTV Propel
  • Global Partner Network®
    • Overview
    • Strategic Advisory Board
  • Team
  • Portfolio
Investor Portal
Port Co Hub

Search

FTV News

WePay Raises $40 Million to Build on Triple-Digit Growth

05.20.2015
Share this...
  • Linkedin
  • Twitter
  • Facebook
  • Email

Growth Equity Investor FTV Capital Leads Round, Japan’s E-Commerce Leader Rakuten Joins Along with Participation from Existing Investors

PALO ALTO, CA — WePay, the leading provider of payments as a service for online platforms and marketplaces, today announced $40 million in Series D financing. This latest round will help the company expand its services globally.

The funding follows another record quarter for WePay. The company delivered a 123% increase in revenue in Q1 compared to the same period one year ago. It also ushered in a 159% increase in users getting paid through platforms like GoFundMe, FreshBooks, and Constant Contact. WePay looks to accelerate the growth by supporting platforms in new geographies.

Lead investor FTV Capital brings extensive domain expertise in payments and enterprise technology to WePay. Rakuten, Japan’s largest e-commerce company and one of the world’s largest online marketplaces, brings the unique perspective of a global marketplace. All existing institutional investors, including Highland Capital Partners, August Capital, Continental Investors and Ignition Partners, participated in this round, which brings WePay’s total financing to $75 million.

As part of the transaction, FTV Capital partner Chris Winship will join WePay’s board of directors and Rakuten FinTech Fund managing partner Oskar Miel will join WePay’s Advisory Board.

“Payments are one of the most critical challenges for online platforms, and before WePay they’ve had to build complex, proprietary systems to facilitate payments,” said Bill Clerico, CEO of WePay. “We built our solution to help platforms and marketplaces facilitate payments, without the accompanying risk and regulatory overhead. We’re excited to further invest in our product and global expansion, while leveraging the expertise of domain experts like FTV and Rakuten.”

“As part of a successful long-term theme, FTV continues to look for innovative, high-growth payments companies leveraging technology to capitalize on the massive opportunities in e-commerce,” said Chris Winship, partner at FTV Capital. “WePay solves a real challenge for platforms driving commerce today, allowing SaaS companies and marketplaces to seamlessly process payments for their users, without the overhead typically associated with bringing a payment solution to market. We’re highly impressed with Bill and his proven management team and look forward to partnering with the company on its exciting growth initiatives, including international expansion.”

Over the last five years, e-commerce has shifted from traditional retailers to marketplaces like Airbnb and Uber. Connecting buyers and sellers, however, creates real operational challenges around payments. WePay provides the control and flexibility “platforms” need to seamlessly facilitate payments without the risk, regulatory and operational challenges typically associated with the new marketplace model.

About WePay

WePay powers payments for thousands of online platforms, including Care.com, Constant Contact, FreshBooks, GoFundMe and Meetup. WePay protects its partners from risk and regulatory exposure, while supporting a seamless experience for their end-users. For more information visit www.wepay.com.

About FTV Capital

FTV Capital is a growth equity investment firm that has raised over $1.8 billion since inception to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise solutions, financial services, and payments/transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for more than a decade. Founded in 1998, FTV Capital has invested in 85 portfolio companies, including payments and transaction processing companies CardConnect, CashStar, Clearent, Credorax and WorldFirst, and has offices in San Francisco and New York. For more information, please visit ftvcapital.com.

About Rakuten

Rakuten, Inc. is one of the world’s leading Internet services companies. The Rakuten FinTech Fund invests in disruptive financial services start-ups across the globe, with a focus on North America and Europe. The fund targets early and later stage investments in innovative financial companies that offer attractive return potential. Rakuten FinTech fund also acts as a bridge between entrepreneurs and Rakuten’s financial services, granting access to its expertise in banking, credit cards, insurance, securities and asset management in Japan and internationally. For more information visit global.rakuten.com/corp/global.rakuten.com/corp/.

WePay is a registered trademark, and Veda is a trademark, of WePay, Inc.

Contacts

Karen Derr Gilbert
FTV CAPITAL
(415) 229-3044
kgilbert@ftvcapital.com

Keep Up-To-Date on the Latest FTV News

  • This field is for validation purposes and should be left unchanged.

SAN FRANCISCO

601 California Street, Floor 19
San Francisco, CA 94108

415.229.3000


CONNECTICUT

10 Titus Road, Suite 5B
Washington Depot, CT 06794

NEW YORK

535 Madison Avenue, Floor 32
New York, NY 10022

212.682.4800

CONTACT

General: Info@ftvcapital.com
Media: PR@ftvcapital.com

  • LinkedIn
  • Twitter
Investor Portal
Port Co Hub

© 2023 FTV Management Company, L.P.
All rights reserved.

  • Privacy & Cookie Policy

  • Keep Up-To-Date on the Latest FTV News

  • This field is for validation purposes and should be left unchanged.
Our website uses cookies that are essential for the website to work. By using the website and continuing to navigate, you consent to the placement of these cookies. Read our PRIVACY POLICY to learn more.
ACCEPT
Select Cookies
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT