JP Morgan has splashed some cash on fintech, acquiring US online payments provider WePay.
Seven-year-old WePay, which is backed by PayPal co-founder Max Levchin among other venture capital ivnestors, focuses on technology for businesses wanting to take payments online and is used by crowdfunding website GoFundMe, among others.
It's just the latest example of a large financial services firm dipping its toe into technology. Figures released earlier this year show the industry is the biggest non-tech investor into tech companies with JP Morgan among the top 10 biggest spenders.
The investment bank's finance chief Marianne Lake last year told investors that it's a technology company. It invested in another US payments firm, bills.com, last month.
“With WePay, Chase is taking the work out of payments for both our business clients and the software providers who serve them,” said chief executive of Chase Merchant Services Matt Kane.
"We are powering payments for growth, so businesses can accept payments instantly, get paid faster, and never lose a sale. And we’ll give ISVs [independent software vendors] a payment facilitator-like experience without the overhead or increased fraud risk.”
The terms of the deal were not disclosed. The startup has raised $74m (£56m) to date and was recently valued at more than $200m.