PayPal left money on the table, so WePay is cashing in

10/14/2010 | CNNMoney

Rich Aberman recalls spending weeks trying to collect money from a bunch of friends scattered all over the country who were pitching in to throw a bachelor party. He was frustrated that PayPal didn't have an efficient mechanism for pooling money, so he and a friend launched WePay as a niche competitor focused on group fundraising. Since going live in April, WePay has reached 500 new signups each week, collecting a commission each time a payment is made through the service. The company has raised $9 million in seed funding, and, ironically enough, its 13 employees now work out of PayPal's former headquarters in Silicon Valley.

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