Online Payments Company Reports Ten-Fold Growth in Revenue, Payments Processed & New Users in 2011
WePay, the hassle free way to collect payments online, today announced significant growth for the year 2011. The company grew nearly ten times in revenue and achieved outstanding growth in user base and total payment volume -- a trend that the company expects to continue throughout 2012. Headcount also doubled in size last year with 20 new employees. WePay plans to at least double again this year to maintain its superior customer service and top tier engineering.
"2011 was a breakout year for the company," said Bill Clerico, CEO and co-founder of WePay. "Just a few years ago we were a few folks with the goal of building the world's simplest online payments platform. Now WePay is growing faster than we ever imagined and we're hiring across all departments. We have some exciting things in development that will make it even easier for people to move their offline payments online -- so stay tuned."
WePay also grew revenue generated by its API by 15x in 2011. Partners like GoFundMe, which replaced PayPal with WePay as its primary payment platform, are fueling this growth.
"At GoFundMe we rely on stats and analytics to ensure we're offering users the best experience possible," said Brad Damphousse, CEO of GoFundMe. "Prior to choosing a new payment partner, we compared the success rates of new users and donors using WePay against those using PayPal. GoFundMe users converted at a much higher rate when using WePay over PayPal, and given the outcome, WePay is now our preferred payment solution -- they've helped us grow our total payments processed and overall success metrics significantly."
Highlights from 2011:
- More than 25,000 people and organizations have collected donations and over 250,000 invoices have been paid through WePay in 2011.
- WePay is used in all 50 states, and across 900 college campuses in the US.
- Almost $800,000 was collected using WePay from 806 Occupy Wall Street-related accounts.
- About half of all WePay payments were initiated through social media.
- On average, one of WePay's 10 in-house customer service reps will respond to an email support inquiry within 68 minutes.
- WePay has recruited two former PayPal engineers, and is looking to fill many more job openings in Customer Support, Sales, Engineering, Risk, Design and Operations.
- WePay exited 2011 at a multi-million dollar revenue run rate and a compounded monthly growth rate of 30 percent since launch.