Do Fintechs Dream Of Digital Dividends?
Times are good. Banks are flush. For now. And Jamie Dimon intends to make the most of it. The biggest U.S. bank by assets has agreed to buy OpenInvest, a San Francisco-based start-up backed by Andreessen Horowitz and founded by former Bridgewater Associates employees. Its the third acquisition of a fintech start-up by JPMorgan since December. And the second in two weeks. JPMorgan Chase said Thursday it has agreed to buy British online investment management platform Nutmeg for an undisclosed sum. With more than 3.5 billion ($4.9 billion) in assets under management, Nutmeg is one of the U.K.s largest robo-advisors. JPMorgan is buying an ESG investing platform in banks third fintech acquisition of the past year [CNBC]  JPMorgan is buying UK robo-advisor Nutmeg to boost overseas retail banking expansion [CNBC]  Wall Street banks hike shareholder payouts after Fed gives the green light [Reuters]  Banks Next Act Gets Tougher [WSJ]