A version of this article first appeared in Business Insider on September 18, 2020 (link).
![jamie dimon, the chief executive of jpmorgan.](https://media.trovata.io/wp-content/uploads/2021/04/10190644/6011ecad7c90e781f60d0ac4_vSQJbjgQEo9RPFauxQkChWBCBIOoPoqf_U-lwfU2r5bJJASEN7R7G-oKGt0xyft8hHeXCljzRpTow7PafDKQ9BPADgfB9-Iza21xE-JZ9NBvqiVKICFUeoHg2e0v_vlG_O7yWp_1.png)
Funding in financial technology (fintechs) companies decreased in 2020 amid economic uncertainty caused by the coronavirus pandemic. However, Venture Capitals (VCs) and investment banks alike are still looking for the next big thing in the digital finance ecosystem.
Since 2012, bulge bracket banks Goldman Sachs, Citi, and JPMorgan are the most active investors of fintechs. And in 2020, they’re making bets on segments seeing a boost with the accelerated shift toward digital finance.
Across the board, US banks have invested in 40 fintech deals so far this year, following 66 total deals in 2019, according to CB Insights data.
![cb insights](https://media.trovata.io/wp-content/uploads/2021/04/10190643/6011ecc6297199f818042413_4svZW3o6kvMIO3GP2H4-XnR7O9mr2Zj25yCWodB6NPfjxp9U70E2ZgAl_UsF2qAphcKlrgp0w87mKSY7ETpOO825i3H71oXb30P2HvwOXtE12yCeXSjkVnBCGNfkIFhzG4aavQn5.png)
Both Goldman and Citi have separate investment arms for these deals — GS Growth and Citi Ventures. Meanwhile, JPMorgan has the largest reported tech budget of US banks at $11.4 billion in 2019 and a streamlined process to evaluate fintechs.
While VCs and banks are hoping for high returns on their startup bets, banks also invest when there’s an opportunity for a strategic partnership. JPMorgan, for example, partnered with Trovata.io and Square Inc. to reinvent user experience, exchange of bank data, and automating treasury workflow on a platform to provide the Square Treasury team financial data in real-time utilizing JPMorgan’s Treasury Services APIs.
Much of the banks’ fintech deals fall into the capital markets category, investing in companies focused on digitizing and automating trading. And that’s held true in 2020, with the banks mainly investing in capital markets, wealth and asset management, and small-business focused fintech.
Here’s the list of fintechs that Wall Street’s three biggest investors have put money into this year:
Trovata
![6011ecd2b3435c5ff267ef6a r2ca7yk3aobpvpzyvoxra2kkvjxdqbaev87](https://media.trovata.io/wp-content/uploads/2021/04/10190643/6011ecd2b3435c5ff267ef6a_r2CA7Yk3AobpVpZYvoXrA2KKVJxdQBAEV87-Pvi038ooNm4wAwNtgkuwx1wyrx8arPgOfX5Ky471Ly8nuCozt4edDN3C9s8s7DmJKnGznHbLbHhPSFDsmRr_i0gm73v80dCRe2H1.png)
Bank: JPMorgan
2020 investment: Led $4.3 million venture round in April.
What it does: Automated cash reporting and forecasting platform.
Capital Markets Gateway
![6011ed0ee075cd2b030bf831 yl1ss3zmwr5j6uecuznyrrsp0e](https://media.trovata.io/wp-content/uploads/2021/04/10190643/6011ed0ee075cd2b030bf831_YL1SS3zmwr5J6uecuZNYrRSp0e-U7dhMBF1Z4YNQLO2Hsaj3n_Ajof8XePwjPUtThWZ2r8la7uCAVuiIeIf3qVLpVm0XBPKYE3KTTmnEoXTPlxiAcmzFWV5prrXY7IBSi3aykSi.jpg)
Bank: Citi, Goldman Sachs, JPMorgan
2020 investment: Participated in $25 million Series B in June
What it does: Workflow management and data analytics solutions for the traders.
Capitolis
![6011ed0e61042fe64a8d0dd5 flcsgz3ys4 onumm2qyffixxjqtlg4jb77couf7lqkgtlicjl7hevrka1rcght jeyo2ep4bi4h449akojvejjskbr hucwl9zcov](https://media.trovata.io/wp-content/uploads/2021/04/10190642/6011ed0e61042fe64a8d0dd5_flCSgZ3yS4-OnUmm2qyFFIxXjqtlg4jb77cOUf7LqKGtlIcJl7heVRka1RCGHT-JEyO2eP4bI4H449AkOjvEjJskBr-hucWL9ZcoV-QqfnoEO2qiAL4xHiLYmKMDdNk9r9t_wrDA.jpg)
Bank: Citi, JPMorgan
2020 investment: Participated in September funding round of $11 million.
What it does: A platform that connects buyers and sellers to speed up trading processes.
Flywire
![6011ed0ecec0cafabe861270 syci3cmtebbtqhuf2gcgae5o7g831nyrjh0fjhnt8o2evp2dfysi5 ibiwb4eq h9va0dqzu](https://media.trovata.io/wp-content/uploads/2021/04/10190642/6011ed0ecec0cafabe861270_SYcI3CMtEbBTqhUf2GcgAE5O7G831nyRjh0fjHnT8O2EVP2DfySi5-IBiWB4EQ-H9VA0DQZu-3YnD5Spuw9X21B2oY9I9ojHGpQKCawgQ61jx8hqknBCtCJr9HxEqehKtmd9hhEx.png)
Bank: Goldman Sachs
2020 investment: Led $120 million Series E in February
What it does: Payments platform for education, healthcare, travel, and tech companies.
HighRadius
![6011ed0fbeb038f8d282c456 6stex3j2z6ztjecoehtgc9au 3trpdekm 504nr0 wtat4g9qkcagph9gmybczyrsgjcrcqlpj2 kvln8slzmvhtoiqyu9n6zcieft0rcs2w zllsp p0u7mxekvp f3jtmjcn9c](https://media.trovata.io/wp-content/uploads/2021/04/10190642/6011ed0fbeb038f8d282c456_6sTEX3j2z6ZTJecoehtGc9AU-3TrPdEKm_504nr0-wTat4g9QkcaGpH9GMybCZyRsGJcRCqLPj2_Kvln8slzMVHTOIQYU9n6zCIeFt0RcS2w_zlLsp-P0U7mxEkVP-f3jtmjcN9C.jpg)
Bank: Citi
2020 investment: Participated in a $125 million Series B in January.
What it does: AI-powered account receivables and treasury management software provider.
iCapital Network
![6011ed0ec6801bd2546b6916 zykrdthe1mxcuaofsllihgncue8ld4f87izrc8e4sp6f0ktsxxgjgpgdjxbh7nt3k eqhizqvneduj9ie bpylvby x1pddhxcfkm0qd g cay2wezbzihnwthlkvipcnzt1nqs](https://media.trovata.io/wp-content/uploads/2021/04/10190641/6011ed0ec6801bd2546b6916_zYkRdTHE1MxcuaOFSLLiHgncUe8lD4F87IzRc8e4SP6f0kTSXxgJGpgdJxBh7NT3K-EQhizqvneduJ9iE_BPylvby-_x1pdDhxCfkM0qd_G-caY2WEzbZIHnwThlkVipCnZt1nqs.jpg)
Bank: Goldman Sachs
2020 investment: Participated in $146 million fundraise in March.
What it does: A platform for alternative investing.
MEMX
![6011ed0e61042f3fe68d0dd4 ys3tlk3vy6crght bk 77uotilopo0hcl6fvd4js0uucclhjqfxup17c r38eakhj16k07wla6lx9ifnpcqg4um9ve3axag4qivb1aj3x6or](https://media.trovata.io/wp-content/uploads/2021/04/10190641/6011ed0e61042f3fe68d0dd4_Ys3TLk3VY6crghT-bK-77UOtILOpo0Hcl6FVD4Js0UucClHJQfXup17C_r38eakhJ16k07wlA6lx9iFnPcqg4um9VE3AXag4qivB1AJ3x6oR-6dlGUM95jFJQx8z2xZx8oqfDiGB.jpg)
Bank: Citi, Goldman Sachs, JPMorgan
2020 investment: Participated in undisclosed funding rounds in February and June.
What it does: Member-owned stock exchange with reduced fees.
Socure
![6011ed0fa52976288de0c505 61nqqy6tefx0xnng66w5w 908jg z01min2yj2hwsrqrzbkxhedq7ip5ay1syamf1iys](https://media.trovata.io/wp-content/uploads/2021/04/10190641/6011ed0fa52976288de0c505_61NQQY6TEfx0xnNG66w5W_908jG-Z01mIN2Yj2HwSrQRZBkxhedq7IP5ay1SyAmF1iyS-JUwr1_l73BiALZ8_veUxYCdITNfkNBKiJubWPT5zzWYtwATDLMLLTObC6sjaFVwXWY3.jpg)
Bank: Citi
2020 investment: Participated in a $35 million funding round in September
What it does: AI-driven identity-verification platform.
Taulia
![6011ed0fd95cd450062926f6 knfjmybhn2eeys b06lpumnvij90wferhc sutggrirhaih njhvepldaivsitdgxhh6 1cs zbd7mzrsdmp4ssccaii8ksr9 j9yksklinoresdww rvqk34z2sjoyi2kmkhlph](https://media.trovata.io/wp-content/uploads/2021/04/10190641/6011ed0fd95cd450062926f6_knFJmYBhN2Eeys-B06LPumNviJ90wFErhc_suTgGRirhaiH_NJhVeplDaiVSItDgXHH6_1cs_Zbd7MzRSdMp4ssCCaII8KSr9_j9yKSKLinorEsDWW-rvQk34z2sjOyi2KmkhLpH.jpg)
Bank: JPMorgan
2020 investment: Participated in $60 million fundraise in July.
What it does: Supply-chain financing platform.
Unqork
![6011ed0f2a416c6305d06f76 r9p6ydsfq5gsqrdwozkz](https://media.trovata.io/wp-content/uploads/2021/04/10190640/6011ed0f2a416c6305d06f76_R9P6YDSFq5gSqRdwOzKz-4Fz7Os9LHs0VXHifN3afWA9ABytiqXO2AEjQSbC_4_GhFYFGgCZJJowJwvYnwZDySRXK04Gt7dX6xDXXpQxWnISmLfvdIHJlspfNGxYLCzmaObvtirO.jpg)
Bank: Goldman Sachs
2020 investment: Participated in $131 million Series B in February.
What it does: No-code platform for legacy financial institutions like banks and insurance companies to build software.
Source: businessinsider