U.S. banks aim to leverage fintech in the payments, financial markets, data and blockchain spaces.
“In 2019 YTD, U.S. banks have participated in 24 equity deals to fintech companies. This follows a record 2018, where U.S. banks backed 45 equity deals to fintech startups -- a 180% increase from 2017,” according to a CB Insights report released on Aug. 20.
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The following were notable investments:
- Goldman Sachs GS focused in on fintech in real estate, data, as well as payments and settlements.
- Citi C backed blockchain, payments and settlements, as well as capital markets startups.
- JPMorgan JPM shifted to scaling payments business and strengthening capital markets solutions, with investments in regtech and lending also.
The act of diversifying into fintech is part of a broader strategy to expand into new industries and secure future returns.
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