WePay raises $15 million in Series C funding

Posted Jan 16, 2014

WePay is a payment gateway company that has raised $15 million in Series C funding. WePay will be using the funding to accelerate their growth, expand internationally, and further invest in their payment API. WePay’s revenue has increased over 600% this last year and now the company has over 300 platform partners. WePay is going to discontinue their direct to consumer offering to focus exclusively on the payments API built for platform businesses.

This round of funding was led by Phil Purcell. Purcell currently works at Continental Investors. He is also the co-founder of the Discover Card and was CEO of Morgan Stanley. Purcell will be joining the WePay board of directors. Other investors that participated in this round of funding includes PayPal co-founder and former CTO Max Levchin, LiveOps CEO Maynard Webb (WIN Investment Network), and angel investor Raymond Tonsing. Existing institutional investors that participated in this round includes Highland Capital Partners, August Capital, and Ignition Partners. WePay has raised a total of $35 million.

“We are thrilled to welcome Continental to the WePay family. The team?s depth of operating and investment experience with later stage companies, payments, financial services and the public markets will be invaluable to WePay as we grow, ? stead Bill Clerico, CEO of WePay.