WePay, a youthful startup that says it will help groups of people collaboratively manage financial accounts, has just gotten some much-needed validation in the form of a $1.65 million first round of venture funding from August Capital and several angels.
The virtue of the WePay platform, or so it seems, is that it can be used by any group of people to create accounts, produce invoices, collect money, manage transactions and make easily-monitored payments. It can work for your fantasy football league or high school French club as well as it could for your burgeoning startup or roommates. The overarching goal is to make it easier for many people to operate off the same pool of money, faster, cheaper, and with fewer conflicts.
Not surprisingly, the company was founded by a pair of recent graduates — college is a time when shared accounts are not only common, but critical. They are needed to run student organizations, to raise funds for charities, to spend money on dorm ski trips, etc. Hailing from Boston College, founders Bill Clerico and Rich Alberman, have now nestled their startup into Silicon Valley, taking up residence in Facebook’s old digs on Palo Alto’s University Avenue.
But the trip out west was more about venture funding than entrepreneurial buzz. Apparently, the duo had a rough time raising money back in Boston, where more than a dozen investors turned them away for being at too early a stage in the process. Finally they got accepted into Y Combinator’s summer program (Tech Stars also said no).
With the incubator’s support, WePay launched its private beta, and has plans for a general release early next year. Now with the backing of August and individuals like former Intuit CTO Eric Dunn, this looks like much more of a realistic goal.
The company’s one challenge? Being pigeon-holed as simply another PayPal ripoff targeted at groups. While WePay does derive revenue by skimming small fees off every transaction, its platform purports to be much more oriented toward social media. It also touts a special WePay debit card, distinguishing it from other online payment channels.
Alberman and Clerico are also taking a more innovative approach to marketing, hoping to grow first by partnering with small businesses, vacation planners and established, professional groups. Right now, the service is still invitation only — but you can request one on its web site.
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