Now, it’s Manhattan financial services behemoth JP Morgan Chase & Co. looking for fintech startups that will spend six months side-by-side with in-house talent, working together on digital problems that big banks don’t have the flexibility and corporate cultures to figure out.
Rather than an accelerator, this pitch is being framed as an “in-residence” program, most likely at JPMorgan HQ on Park Avenue. That means working directly with JPMorgan’s top tech talent … on the way to becoming JPMorgan’s top tech talent.
Startups are invited to apply to join the program online, pitching ideas related to specific wholesale banking challenges as automation, blockchain and analytics, according to a news release.
Then, over six months, the fintech startups that make the cut will have access to JPMorgan’s facilities, systems and expertise as they work on JPMorgan challenges. “Residents will retain control of their innovations and may receive continued support from the bank once the six months is up, according to the release.
“In-Residence presents a unique opportunity for talented, ambitious startups to be truly supported by JPMorgan’s global resources,” says Sanoke Viswanathan, chief administrative officer, of JPMorgan Corporate & Investment Bank. “By giving them unparalleled access to JPMorgan’s people and network, we hope to enhance their ability to create technology-led solutions that can be put into practical use for our industry.”
JPMorgan has been ramping up its efforts to create its own tech innovations … along with most other Wall Street financial firms. But this opportunity is a little different offer than say the BNP Paribas accelerator in that JPMorgan and the Chase consumer banking side are unique in how important they are not just to the American financial system, but to the global financial system.
An Office of Financial Research report last year ranked JPMorgan Chase & Co. is the bank “most integral to the stability of the global financial system.” So think of your little band as men and women who can save the world. Because JPMorgen Chase has about $2.5 trillion – not billion, trillion – in assets on its books during any given quarter, which throws off something north of $100 billion in top line revenue each year.
(And let’s not kid ourselves … think of the crazy money Chairman and CEO Jamie Dimon can throw at a problem … or an opportunity.)
JPMorgan has worked with about 300 early stage firms, making about 30 investments during the last two years and commissioning more than 100 technology projects in just 12 months, according to the release.
The bank spends more than $9 billion a year on technology, with nearly a third on new investments, according to the release. The company has more than 40,000 technologists on its payroll, including 18,000 developers creating intellectual property, many of them now based at 13 special technology hubs around the world.
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