JPMorgan Chase & Co. (JPM) announced a big push into the fintech​ space through the acquisition of WePay, a startup that serves e-commerce and crowdfunding customers. The buyout marks the investment bank’s first sizable acquisition of a fintech company.

On Tuesday, JPMorgan said it plans to roll out WePay’s payments technology to its 4 million small-business clients. (See also: Intel, Big Banks Back Blockchain-Focused Fintech Firm.)

“With WePay, Chase is taking the work out of payments for both our business clients and the software providers who serve them,” said Matt Kane, the CEO of Chase Merchant Services.

Growth and Consolidation

Redwood City, Calif.-based WePay, founded in 2008, offers payment capabilities to business platforms, such as online marketplaces and cloud software providers, that need to settle money between users. The startup offers services such as credit card processing, fraud risk protection, regulatory compliance and customer support. The venture-backed platform has raised more than $74.15 million in funding from investors including FTV Capital, Highland Capital Partners, Ignition Partners, August Capital and Philip Purcell, the former chairman and CEO of Morgan Stanley.

While financial terms of the deal were not disclosed, the Journal reports that a person familiar with the matter said the 200-employee firm went for a price roughly above its $220 million valuation achieved in a 2015 fundraising round. Currently, the startup lists customers such as crowdfunding pioneer GoFundMe, cloud-based accounting firm FreshBooks and online marketer Constant Contact.

The deal represents a larger shift in the global financial industry wherein legacy firms are doubling down on fintech targets, driving growth and consolidation in the space. Earlier this year, the credit card processing company Vantiv made headlines when it announced its $10.4 billion acquisition of payments processor Worldpay. Last week, analysts at Bernstein issued a research note expecting PayPal Holdings Inc. (PYPL) to invest billions in a fintech startup such as Square Inc. (SQ), Stripe or Ayden within the next few months. (See also: PayPal a Buy Despite eBay Exit Risk: Analysts.)

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