JPMorgan Chase & Co. considers funding London-based Fintech Yapily
The United States institution is in initial discussions with Yapily regarding possible investments. The representatives of the bank revealed this information on the condition of remaining anonymous.
According to recent news, JPMorgan has shown interest in funding a FinTech start-up Yapily, which is seeking fresh funds. According to sources who refused to be identified, the U.S bank is till in talks with Yapily about the investment. It has also been heard that Yapily is all set to bring in new capital as its acquiring of finAPI closes. Yapily is purchasing finAPIs such as Schufa Holding AG which is the German counterpart of FICO. Discussions are going on, and there is no confirmation that JPMorgan will crack this deal. The sources said that Yapily and JPMorgan representatives refused to comment on this.
Yapily has designed an app programming the interfaces for various open banking platforms. This app provides an infrastructure to software developers so that they can create payment solutions and, thereby, share data among several financial institutions. The firms for which it works are crypto, accounting, wealth management, and digital banking firms. It is operational in Germany, Lithuania, and the U.K.
Any investment for JPMorgan will remain a series of Fintech associations. JPMorgan has been cracking deals as it plans to stay ahead of its future rivals. Recently, they acquired a Greek digital payment and banking firm Viva Wallet and U.K. wealth management firm Nutmeg Saving & Investment.
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