JPMorgan Chase & Co said it had hired and would take a stake in InvestCloud, which provides software that makes online transactions easier for customers with banking and investment accounts.
The biggest U.S. bank by assets, JPMorgan did not disclose the amount of the stake in an announcement prepared for release on Tuesday and which Reuters saw.
The investment reflects Chief Executive Officer Jamie Dimon’s response to threats from new Silicon Valley companies, which he said in 2015 were coming to disrupt JPMorgan’s business. Rather than vowing to block upstarts, Dimon has chosen to embrace those with technology that provides better customer service at lower costs.
