WePay, a Palo Alto, CA-based online payment service designed specifically for the collection and management of group finances, has secured $7.5m in Series B funding.
The round was led by Highland Capital Partners, with participation from existing investor August Capital.
The financing will be used to expand the company’s operations and engineering team, increase marketing efforts and continue to build user base.
In conjunction with the funding, Peter Bell, general partner, Highland Capital Partners, will join WePay’s board of directors.
This Series B round follows an A round of capital in December of 2009 that included August Capital, PayPal founder Max Levchin, renowned angel investor Ron Conway, YouTube cofounder Steve Chen, and former Intuit CTO and CFO Eric Dunn.
Founded by Bill Clerico and Rich Aberman in 2008 and released in public beta earlier this year, WePay gives users the ability to establish a FDIC-insured account for each group they want to manage, including common collections efforts such as professional and collegiate clubs and organizations, sports fantasy leagues, fundraisers, baby showers, class reunions, apartment rentals, event tickets and homeowners association fees.