Tech Peek Base

Managing a baseball team, school club, or fraternity can be a rewarding experience. It can also be a total nightmare, at least when it comes to getting everyone to cough up their dues. WePay is a very promising startup in private beta that’s looking to fix group payments for good. Earlier today news broke that the company had raised $1.65 million from August Capital and some angel investors. That’s obviously great news for WePay, but also impressive is the company’s roster of angels: as of tonight the company can count PayPal cofounder Max Levchin as an investor. Given Levchin’s experience in this industry, that’s a very strong endorsement. PayPal alum Dave McClure is also onboard, as are Paul Buchheit, Ron Conway, Mark Goines, Andrew McCollum, Joe Campanelli, and Angus Davis. WePay is also a part of the Y Combinator program.

So what exactly does WePay do that PayPal can’t? The difference stems from the way payment accounts are set up. With PayPal, your account is tied to your name, without any way to separate the payments associated with your soccer team from those of your fraternity or your own personal transactions. On WePay, you can create a unique, FDIC insured account for each of these. The account is still associated with your name, but you can keep each group account totally separate.