WePay

Entrepreneurs: Rich Aberman, 26; Bill Clerico, 25

Funding: $9.2 million from Highland Capital Partners, August Capital, Y Combinator, and angels that include Ron Conway's SV Angel, Dave McClure, and PayPal co-founder Max Levchin

Rich Aberman was an unhappy law student and Bill Clerico was a dissatisfied investment banker. During and after school, they were both active in organizations, collecting money for events and causes. The process was cumbersome and they believed it could be improved. They started WePay to "scratch our own itch," Aberman says.

Wisest funding decision: Accepting a small amount of money from Y Combinator and moving to the West Coast, they say.
 
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