JPMorgan Chase is aggressively expanding its push into startup banking, aiming to fill the void left by the collapse of Silicon Valley Bank in 2023, CNBC writes.
The banking giant says it gained three years’ worth of new startup clients in a single weekend as companies rushed to move deposits. Since then, JPMorgan has quadrupled its startup client base to nearly 12,000, supported by about 550 bankers focused on founders and venture capital firms.
The strategy goes beyond deposits. JPMorgan wants to position itself as a one-stop financial partner for startups from seed funding through IPO, offering everything from basic banking to investment banking and global expansion services. The effort also gives the bank a closer look at emerging technologies, allowing it to study how startups are using tools like artificial intelligence, cybersecurity systems and quantum computing.
For JPMorgan, dominating the startup niche could provide a powerful growth engine while keeping the bank closely tied to the next generation of tech innovation.
