NEW YORK—JPMorgan Chase is preparing to go all-in on private companies as it looks to respond to fintechs, according to one new report.
For the past year, the giant bank has been quietly hiring programmers and creating products for a new fintech business that aims to provide an array of services to start-ups and investors around the world, CNBC reported.
The business is known internally by the code name “Project Bloom,” because of its goal of helping early-stage private firms grow, CNBC explained.
“CEO Jamie Dimon is aggressively investing to help his bank battle fintech firms, and executives see an opportunity to create a private-markets winner before start-ups can dominate the space,” CNBC reported. “A key part of Project Bloom is a digital network for JPMorgan clients that will match start-ups with investors, helping them in fundraising rounds.”
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