2015: A year of growth and transition for WePay
This past year was a huge one for WePay. So huge, in fact, that it’s taken about a month for the dust to settle and give us an opportunity to reflect on everything that happened.
Here’s a quick roundup of what 2015 looked like for WePay:
Machine learning ramps up
Machine learning has been an initiative we’ve been working on for a while, but 2015 was the year that it really came into its own. We launched a machine model training and deployment platform which allows us to continually update our fraud models to adapt to new patterns of fraud. Thanks to this continual refresh, we’re now able to spot fraud with 2 to 3 times more efficiency than a simple rules engine.
A new round of funding
WePay began 2015 by raising a $40 million Series D round, our largest round of funding yet. Beyond the fresh infusion of cash, the most exciting thing about the funding was bringing on a fantastic set of investors, including the FTV Capital, one of the most successful VCs in FinTech, and the Japanese e-commerce giant Rakuten. You can read more about the funding here.
Revenue expands significantly
2015 was another banner year for sales. We ended the year with about a 124% jump.
A new way to pay — ACH
Today, nearly 80 percent of online purchases are made with a credit or debit card.
And that’s great, for the most part. These methods meet most payers needs because they’re extremely convenient and extremely safe. But many of our platform partners deal in a kind of payment that isn’t as well served by credit or debit — high value transactions that run up against the payer’s credit limit and turn the normal percentage-based fee into a strain on merchant’s margins.
It was with those partners in mind that we launched our new Automated Clearinghouse (ACH) payments product in 2015. This gives merchants on our partner platforms an entirely new way to accept payments with lower fees and no limits on transaction size, while providing their customers with the same low-friction payments interface they’ve come to expect from WePay.
No. 62 on the Inc. 500
Of course, we’ve been growing for a while, a fact evidenced by our ranking on the annual Inc. list of the fastest-growing private companies in America. We were No. 62 in 2015, thanks to a three-year growth rate of 4,354.5%. It was a huge honor, one that gave our CEO Bill Clerico a chance to reflect.
3X the WePay
For much of it’s history, WePay has been a company of around 50 or 60 people. It’s something that’s often surprising to people on the outside — we’ve always taken great pride in running leaner than a lot of the other processors that do our kind of volume. But we’ve always known we’d need to grow, and 2015 was the year this happened in a big way.
In the past 12 months, we’ve gone from a team of about 50 to more than 150. That’s right — we’ve basically added another two WePays to our headcount.
New digs with room to grow
Of course, when you bring on that many people, you need a lot of space to house them. That’s why we moved into a new, larger global headquarters in Redwood City early in 2015. We also opened our first out-of-state office in Rhode Island, allowing us to serve our customers even better by bringing on a Support team in a second time zone.
A new look for the new WePay
2015 was the year that we unveiled a new brand mark to represent our company. It’s intended to showcase the unique platform business model we enable: buyers, sellers, and WePay sitting invisibly behind them.
We followed that up with one of the biggest updates to our brand in our 8 year history – a complete overhaul of our customer-facing website.
Here’s to 2016
All in all, it was great year for WePay. We expanded our team, added new functions, signed up great partners, and overall set ourselves up to do even more for the people who depend on us to make payments simple and safe.
Of course, none of this would have been possible without the customers, old and new, that have put their trust in us. We’re eternally thankful for that trust, and we know our continued success depends on working hard to give them the best possible payments product. We come out of 2015 better equipped than ever before to do just that.
On that note, 2016 is already shaping up to be another big year — you should be on the lookout for some big announcements from us in the coming months.
Here’s to another great year!