An online payment start-up, WePay Inc., has raised $1.65 million from the venture capital firm August Capital in Menlo Park, Calif., and a group of angel investors, including Max Levchin, a co-founder of PayPal Inc., the TechCrunch blog reported last week.
Designed to help groups collect and manage money, WePay, a Palo Alto, Calif., Internet company, differs from PayPal, which is now a unit of eBay Inc., in that it lets people separate the payments associated with a soccer team from those of a household of roommates, TechCrunch reported.
WePay, a start-up in private beta, uses the automated clearing house network to transfer funds and offers a prepaid Visa Inc. card issued by the Bancorp Bank unit of Bancorp Inc. in Wilmington, Del., the company's Web site says.
It charges a 3.5% transaction fee to account holders and offers a plan that charges 50 cents per transaction but limits the methods of payment, TechCrunch reported.
