WePay
WePay logo
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| Private | |
| Industry | Technology |
| Founded | 2008 in Boston, Massachusetts |
| Headquarters | Redwood City, California |
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Key people
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Bill Clerico (CEO) Richard Aberman (COO) |
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Number of employees
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100-200 |
| Website | go |
WePay is an online payment service provider in the United States. The company provides a payment API to platform businesses such as crowdfunding sites, marketplaces and small business software.
WePay was founded by Rich Aberman and Bill Clerico in 2008 in Boston, Massachusetts, and is now based in Redwood City, California. The original inspiration for WePay occurred to Aberman when he had difficulty raising money for his brother's bachelor party. Aberman had to collect $4,200 from 14 friends spread across the United States to pay for bottle service at a club, rent at a Florida beach house, and food such as burgers and chips. Through a series of cash, checks, and PayPal money transfers, Aberman was eventually able to collect the money he needed. Aberman found the process very burdensome as he had to nag his friends to pay him back. Aberman believed that there should be an easier way to collect money from many people. After studying PayPal's weaknesses, Aberman asked Clerico to help him to solve this problem and create WePay.
To devote his energy to WePay, Clerico stopped working at an investment banking job and Aberman postponed a scholarship to law school at New York University.
Aberman and Clerico were accepted by Y Combinator in California, which prompted Aberman and Clerico to move the company to California. On the West Coast, they received monetary support from Max Levchin, a cofounder of PayPal, and Ron Conway, an angel investor. The company received $1.65 million from August Capital during initial fundraising efforts; by August 2010, it received an additional $7.5 million from Highland Capital Partners and August Capital. By December 2010, WePay had raised $9 million in funding. Other investors include Orlando Ramos, founder of Cyberpowerdepot, Steve Chen, a cofounder of YouTube, and Eric Dunn, a former CTO of Intuit, as well as entrepreneur Dave McClure. In May 2011, founders Bill Clerico and Rich Aberman were named two of the Best Young Tech Entrepreneurs by Bloomberg Businessweek.
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Wikipedia