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JPMorgan makes fintech acquisition

JPMorgan Chase & Co. is buying payments firm WePay Inc., hoping to use the acquired technology to serve its 4 million small-business clients.

Terms of the deal were not disclosed, but "a person familiar with the matter" told The Wall Street Journal that JPMorgan had agreed to pay more than WePay's $220 million valuation as of 2015.

WePay was founded in 2008.