JPMorgan invests $25 million in fintech start-ups
NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N) is investing $25 million to support fintech start-ups that help low-income Americans be more financially healthy, bank executives said on Tuesday.
JPMorgan’s head of global philanthropy Karen Keogh said the investment in the Financial Solutions Lab will help early-stage fintech companies products that could help people in communities like Harlem.
“We’ve long believed that fintech coupled with in-person coaching and behavioral nudging is critical” to financial health, Keogh said. “This is how economies are built: strong, vibrant healthy households.”
The investments come on the heels of JPMorgan Chief Executive Jamie Dimon’s comments that a company’s responsibility is to all stakeholders, not just its investors.
The investment also shows that the bank is betting that supporting finance apps and having meeting spaces for community groups in its branches could result in more new customers.
A newly renovated Harlem branch bank on West 125th Street is passed more than 1 million pedestrians weekly, and the bank redesigned it to have several meeting rooms that can be reserved for free by people and businesses in the community.