Twitpay, a company born at Atlanta Startup Weekend 2 in 2008, was recently acquired by a group of payment industry veterans. Twitpay arranges for payments via Twitter in an effort to add e-commerce capability to the social networking service. The acquiring investors, led by Acculynk CEO Ashish Bahl, are breathing new life into Twitpay by adding a proprietary payment system that functions within Twitter and signing on non-profit fundraisers as their main clientele. Mike Michael Ivey and Don Brown, Twitpay’s co-founders, are staying on to lead the effort and perhaps to expand to offer payment services on other social networking sites. With the promise of an additional $1 million investment in marketing and product development, Twitpay has a promising future. See “Twitter’s Cash Machine” on Portfolio.com for more details.