JPMorgan Chase is opening its doors to fintech startups to work with its business lines directly on bank innovations for faster, safer and more cost-efficient operations.
The young companies will work "side by side" with JPMorgan through a six-month accelerator program called In-Residence, the bank said Thursday. Typically, these fintech innovation labs provide mentorship, networking and partnership opportunities and some amount of capital to help bring the participating startups to market. JPMorgan says its program is different because it will bring startup "residents" inside the bank and give them access to its facilities, systems and expertise.
"In-Residence presents a unique opportunity for talented, ambitious startups to be truly supported by JPMorgan's global resources," Sanoke Viswanathan, chief administrative officer of the corporate and investment bank, said in a news release. "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."
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The fintech lab backed by JPMorgan Chase and the Center for Financial Services Innovation has revealed nine winners of a recent startup competition focused on helping consumers plan for financial shocks.
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For the second year of their Financial Solutions Lab competition, the Center for Financial Services Innovation and JPMorgan Chase are looking for companies that would help people prepare for and weather financial shocks.
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The bank did not indicate whether participants would receive any capital to develop their businesses, but said they will retain control of their own innovations and could receive "continued support" after their residency period.
"We are committed to driving industry change by investing heavily in internal development, but also by collaborating with the talent of determined, young startups," Daniel Pinto, chief of the corporate and investment bank, said in the news release.
