For all buzz around cryptocurrency and blockchain technology, surprisingly, the top U.S. banks have not been investing as much in these areas as much as one might have thought. The top areas of interest for the major U.S. banks when it comes to fintech investment is personal finance, according to a report by CB Insights.
In 2017, Goldman Sachs added six new fintechs to its roster which included fintechs like Nav, Better Mortgage and Neyber. CitiGroup, although it invested in only two fintechs last year, still came in second when it comes to number of fintechs in its portfolio with a total of 26.
Goldman Sachs is number one on the list with 27 fintechs, while JPMorgan Chase has 14; Wells Fargo and Morgan Stanley both have nine and Bank of America has only six.
Bank of America, surprisingly, didn’t add a single fintech to its name last year. Perhaps it was too focused on ramping up its blockchain technology related patents.
Check out the full report here.
According to the report, since 2012, the top 10 banks in the country based on assets have made over 81 deals with fintechs adding to about $4.1 billion in disclosed funding.
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