JPMorgan Acquires Fintech Startup OpenInvest
Fazzaco learned that JPMorgan, a leading financial services provider, has agreed to acquire San Francisco-based fintech startup OpenInvest. The financials of the acquisition deal has not been disclosed.
According to the official press release, the American banking giant will retain the OpenInvest brand and will integrate the service with the offerings to private banking and wealth management clients.
Established in 2015 by Conor Murray, Joshua Levin and Phillip Wei, OpenInvest managed to raise almost $25 million in funding to date, but its valuation is not known.
Mary Callahan Erdoes, CEO at JPMorgan Asset and Wealth Management, commented, “Clients are increasingly focused on understanding the environmental, social and governance (ESG) impact of their portfolios and using that information to make investment decisions that better align with their goals.”
Additionally, OpenInvest managed to get the attention of big Silicon Valley investors and is backed by Andreessen Horowitz, Y Combinator, QED and several others. The startup managed to raise almost $25 million in funding to date, but its valuation is not known.
This month, JPMorgan has acquired the UK digital wealth manager Nutmeg, so as to further its expansion into the UK retail banking and investment market.
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