WePay raises $40M to take its marketplace payment platform global

Payment processor WePay just closed on $40 million in funding from FTV Capital and others, with plans to push its platform globally.

WePay facilitates payments for marketplaces and crowdfunding sites like Care.com, Custom Made, and GoFundMe. It also provides payment services for invoicing platforms like Freshbooks. WePay competes with Stripe and Braintree, though CEO Bill Clerico says it differentiates itself by heavily investing in fraud prevention.

The company last raised $15 million in January of last year; at that point, the company was pivoting from operating a hosted checkout page to a full payment platform and API for online retailers. Investors seem to think the move is paying off.

“We still have the majority of that funding, and this will just help us to grow faster,” said Clerico. He says he wants to push operations outside of the U.S., potentially to the U.K. and Australia.

To date, WePay is processing billions of dollars of transactions annually, with over one million sellers on the platform.

Meanwhile, the platform’s mobile strategy is creeping along. The company has a mobile SDK for both iOS and Android, and has also integrated with Google Wallet to make it a payment option for customers. WePay’s integration with Apple Pay is still in beta.

WePay has raised roughly $75 million in funding to date.