JPMorgan has just dropped $500 million USD on healthcare paynents firm InstaMed. This marks the largest acquisition by the bank since the financial-crisis era that led to the buyouts of Bear Stearns and Washington Mutual.
Why this mattes: This deal will help expand JPMorgan’s enormous corporate payments infrastructure. JPMorgan is responsible for some $6 trillion in transactions for companies around the world every day.
Notable quotes: “We’ve made significant investments in our Wholesale Payments business over the years and this acquisition will give us a unique advantage in one of the fastest growing sectors,” Takis Georgakopoulos, global head of wholesale payments for JPMorgan