WePay, a Palo Alto, CA-based payments company, raised $15m in Series C financing.
The round, which brought the total amount raised by the company to date to $35m, was led by Phil Purcell of Continental Investors, co-founder of the Discover Card and former CEO of Morgan Stanley, with participation from Max Levchin, founder & former CTO of PayPal, Maynard Webb (Chairman of Yahoo!, board member of Salesforce, former COO of eBay, and former CEO of LiveOps), through the Webb Investment Network (WIN), angel investor Raymond Tonsing, and existing investors Highland Capital Partners, August Capital and Ignition Partners. Purcell will represent Continental on WePay’s board.
The company intends to use the funds to accelerate its growth through further investments in its payments API product and international expansion.
Led by Bill Clerico, CEO, WePay uniquely focuses on serving platform businesses such as online marketplaces, crowdfunding sites and small business software by giving them a payment API and the tools they need to design new commerce experiences while protecting from fraud and compliance.
It has processed transactions for more than 250,000 customers and over 300 partners. Customers include platform businesses such as GoFundMe, HoneyFund, CustomMade, Care.com and LessAccounting.