J.P. Morgan to Buy Payments Firm WePay in First Major Fintech Acquisition

www.wsj.com

J.P. Morgan Chase & Co. said that it agreed to buy payments company WePay Inc. in the bank’s first sizable acquisition of a financial-technology startup. The banking giant plans to roll out WePay’s technology to J.P.Morgan's four million small-business customers.

The so what: Along with the investment into Bill.com, Chase is focused on providing more services and products to their SMB segment. The acquisition might also force other banks to think about acquiring similar companies to compete, which would lead to more exit opportunities for fintech companies where checks would be in the low hundreds of MM or less.

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