dticorp
Joined: 19 Aug 2006
Posts: 1760
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| Posted: Thu Jan 20, 2011 9:25 pm Post subject: WePay.com helps with collecting money & group paying onl |
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WePay.com helps with collecting money and group paying online
Look out, PayPal. Two young entrepreneurs are gunning for you.
Inside a Palo Alto, Calif., building that once housed PayPal headquarters, the upstarts -- Rich Aberman, 25, and Bill Clerico, 24 -- are growing a new online payments company. Their investors include PayPal cofounder Max Levchin. Their mission? Poaching part of PayPal's business.
Aberman and Clerico are the founders of WePay, an online service that lets groups of people collect money for shared expenses, like renting a ski house or giving a class gift to a teacher. They launched the company in 2008 and, in the past two years, landed $9 million in seed capital from Silicon Valley A-listers including YouTube founder Steve Chen, former Intuit (INTU) CTO Eric Dunn, and Ron Conway, who backed Twitter, Facebook and Google.
Angel investor Max Levchin believes that WePay's exclusive focus on group expenses will win a chunk of the lucrative online payments market -- the market that was born in 1998 when Levchin launched PayPal. EBay (EBAY, Fortune 500) acquired it four years later for $1.5 billion.
Rest of the article here:
http://money.cnn.com/2010/10/12/technology/wepay/index.htm
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