s quality standards . the specific problem is promotional tone please help improve this article if you can . april 2016 learn how and when to remove this template message wepay inc. wepay logo type private industry technology founded 2008 in boston massachusetts headquarters redwood city california 1 key people bill clerico ceo 2 richard aberman coo 2 number of employees 100 200 3 website www.wepay.com wepay is an online payment service provider in the united states . the company provides a payment api to platform businesses such as crowdfunding sites marketplaces and small business software . contents 1 history 2 company operations 3 partnerships 4 references 5 external links history edit wepay was founded by rich aberman and bill clerico in 2008 in boston massachusetts and is now based in redwood city california . 4 5 the original inspiration for wepay occurred to aberman when he had difficulty raising money for his brother s bachelor party . aberman had to collect 4 200 from 14 friends spread across the united states to pay for bottle service at a club rent at a florida beach house and food such as burgers and chips . through a series of cash checks and paypal money transfers aberman was eventually able to collect the money he needed . aberman found the process very burdensome as he had to nag his friends to pay him back . aberman believed that there should be an easier way to collect money from many people . 6 after studying paypal s weaknesses aberman asked clerico to help him to solve this problem and create wepay . 7 to devote his energy to wepay clerico stopped working at an investment banking job and aberman postponed a scholarship to law school at new york university . 6 aberman and clerico were accepted by y combinator in california which prompted aberman and clerico to move the company to california . citation needed on the west coast they received monetary support from max levchin a cofounder of paypal and ron conway an angel investor . 4 the company received 1.65 million from august capital during initial fundraising efforts ; by august 2010 it received an additional 7.5 million from highland capital partners and august capital . 8 by december 2010 wepay had raised 9 million in funding . 4 other investors include orlando ramos founder of cyberpowerdepot steve chen a cofounder of youtube and eric dunn a former cto of intuit 6 as well as entrepreneur dave mcclure . 9 in may 2011 founders bill clerico and rich aberman were named two of the best young tech entrepreneurs by bloomberg businessweek . 10 in 2011 the company was used by many occupy wall street supporters to donate money to the movement which resulted in a surge of transactions . 2 dominic basulto of the washington post called wepay the de facto official way to give financial donations to the occupy movement while simultaneously bypassing the largest financial institutions . 11 by october 27 2011 over 8 000 donors from 37 countries had donated 325 000 to the movement . 12 the donations are funneled through 300 occupy affiliated accounts which are linked on occupy wall street s website twitter and facebook accounts . 13 wepay raised another 15 million in 2014 coinciding with a shift in its business model that saw it discontinuing its direct merchant and donation businesses to focus solely on its payments api for platforms . 14 in 2015 wepay raised a 40 million round from ftv capital and the japanese e commerce company rakuten . according to ceo bill clerico the purpose of this round was to accelerate wepay s efforts to expand its efforts to support payments in more countries internationally . 15 aberman and clerico found trouble seeking traction in the peer to peer group payments space so they decided to shift the focus of the company to help small businesses accept credit cards online . wepay then realized that the highest growth part of their business and the one where they had a unique value proposition was through its api which they had opened up in 2011 . 16 in 2014 wepay discontinued its donation service to focus on its other products . 17 company operations edit the company makes money by charging service fees only when money is collected . payments with a credit card are charged a 2.9 % 0.30 service fee of the total amount of money collected . citation needed the company detects fraud using social data connections and machine learning algorithms . 18 according to aberman wepay uses your online identity to verify your identity in the real world . 19 in september 2011 the company employed 30 people . 20 co founder clerico stated in an interview with forbes contributor elizabeth woyke that millions of dollars are channeled through the company s services each week . 20 the company s employees meet every monday at 10 am at the rear of the office . the directors of every department inform fellow employees of what transpired the previous week . the newly employed are individually announced . in october 2011 the number of wepay employees increased by 20 % . 2 after its series d round in 2015 the company said that it had over 100 employees and had plans to grow to 200 in the next 18 months . 21 partnerships edit in august 2010 the company partnered with 1000memories a website that allows users to create memorial websites . the partnership gives users of 1000memories the opportunity to create free wepay accounts where visitors can use a credit card or bank card to donate in the names of the deceased . 22 in february 2014 wepay partnered with aplos software a web based nonprofit software company to help nonprofits and faith based organizations accept online donations . users could create a free wepay account then track their donations and create receipts using aplos donor management . 23 references edit xavier jon . hello redwood city . wepay blog . wepay . retrieved 6 august 2015 . a b c d terdiman daniel 2011 11 14 . at wepay planning a balls to the wall 2012 . cnet . archived from the original on 2011 11 22 . retrieved 2011 11 22 . penn david . wepay closes 40 million series d round led by ftv capital . finovate blog . finovate . retrieved 6 august 2015 . a b c kirsner scott 2010 12 20 . born in boston growing in calif. . boston globe . archived from the original on 2011 01 09 . retrieved 2011 01 09 . xavier jon . hello redwood city . wepay blog . wepay . retrieved 6 august 2015 . a b c alsever jennifer 2010 10 12 . wepay is the anti paypal . cnnmoney.com . archived from the original on 2011 01 09 . retrieved 2011 01 09 . wepay set out to kill paypal . oneindia . 2010 10 16 . archived from the original on 2011 01 09 . retrieved 2011 01 09 . barbierri cody 2010 08 12 . group paying service wepay gets 7.5 m boost . venturebeat . reuters . archived from the original on 2011 01 09 . retrieved 2011 01 09 . wepay s group payments get some big name backers including max levchin . techcrunch . archived from the original on 2011 11 23 . retrieved 2009 11 23 . best young tech entrepreneurs . bloomberg businessweek . 2011 05 17 . archived from the original on 2011 11 23 . basulto dominic 2011 11 02 . the real wall street occupation is online . the washington post . archived from the original on 2011 11 22 . retrieved 2011 11 22 . website more than 8 000 donors for occupy wall st . the wall street journal . 2011 11 01 . archived from the original on 2011 11 22 . retrieved 2011 11 22 . boyle christina 2011 10 29 . 1 % proving protesters right . new york daily news . archived from the original on 2011 11 22 . retrieved 2011 11 22 . rao leena . after a pivot wepay raises 15m to focus on payments api for marketplaces crowdfunding sites and others . techcrunch . techcrunch . retrieved 6 august 2015 . reader ruth . wepay raises 40m to take its marketplace payment platform global . venturebeat . venturebeat . retrieved 6 august 2015 . why did wepay pivot . quora . 2012 01 11 . archived from the original on 2012 02 26 . https www.wepay.com donations 864753973 he jun. automating machine learning for platform fraud detection . wepay blog . wepay . retrieved 6 august 2015 . can your social network protect you from credit card fraud . inc magazine . archived from the original on 2012 02 26 . a b woyke elizabeth 2011 09 30 . for effective fundraising choose facebook over twitter . forbes . archived from the original on 2011 11 22 . retrieved 2011 11 22 . penn david . wepay closes 40 million series d round led by ftv capital . finovate blog . finovate . retrieved 6 august 2015 . barbierri cody of venturebeat 2010 08 10 . raise money in memory of a loved one with 1000memories . the new york times . archived from the original on 2011 01 09 . retrieved 2011 01 09 . hood daniel february 27 2014 . aplos adds online donations . accounting today . retrieved 11 june 2014 . external links edit official site v t e payment service providers align commerce billdesk braintree chase paymentech citrus pay clinkle cng processing a s dwolla flattr instamojo klarna netbanx neteller ogone onevu oxigen services passport paydirect payoneer paypal paypoint paysafe group paytm payzone poli payments propay qiwi red dot payment skrill sleekpay square stripe timesofmoney versapay vmoney vpay wepay wirecard worldnet tps worldpay xfers xoom yandex.money yapstone category list v t e y combinator companies 7 cups of tea 80 000 hours 9gag airbnb algolia buttercoin canopy labs cleartax codecademy cofactor genomics coinbase creative market cymmetria disqus dropbox easypost fullstack academy futureadvisor gigster gocardless goldbely gusto heroku hipmunk homejoy icracked instacart justin.tv kickback lendup loopt lumi meadow newsblur octopart omgpop one month optimizely ownlocal pebble podium.co product hunt quartzy reddit renthop scribd smartasset songkick standard treasury streak strikingly stripe survata swiftype true link upverter urx voat watsi webflow weebly wepay workflowy wufoo xobni zenefits zerocater category full list retrieved from https en.wikipedia.org w index.php 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