The partnership between Chase and LevelUp mentioned in this WSJ article ran in Payments Journal on December 12th located here. Now WSJ has announced that Chase invested $10 million in LevelUp as part of the deal
“Earlier this month, in a move to expand its appeal with people like millennials who have diminishing interest in stodgy old checking accounts or credit cards, J.P. Morgan said it was partnering with LevelUp and Mr. Priebatsch to add the startup’s features to its own mobile payments app, Chase Pay.
But the partnership runs deeper than that. The bank, run by Chairman and CEO James Dimon, quietly invested more than $10 million in LevelUp last September, as it was developing Chase Pay, according to people familiar with the deal.
While partnerships between financial technology, or “fintech,” startups and big banks are becoming more common, it’s notable for such a big bank to work so closely with a young firm on a critical new product.”
Of course while J.P. Morgan Chase & Co. has been around for a long time, the same can’t be said for it’s new baby Chase Pay which has hardly left the cradle but is already making a lot of friends, such as the new friendship with Starbucks and other major retailers. It will be interesting to watch this new baby grow up in the New Year!
Overview by Tim Sloane, VP, Payments Innovation Advisory Service at Mercator Advisory Group
Read the full story here