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How JPMorgan turned startup banking into a tech deal machine
JPMorgan’s long-term strategy of backing startups early is helping the bank dominate global technology investment banking, from IPOs and lending to major M&A deals.
JPMorgan is strengthening its position in global technology investment banking by building relationships with startups early and expanding alongside them as they grow into billion-dollar companies. The strategy has helped the Wall Street bank win major mandates across IPOs, lending, mergers and acquisitions, allowing it to overtake rivals in overall technology investment banking fees during the first quarter.
Key highlights
- JPMorgan ranked No.1 in global technology investment banking fees in Q1
- Bank works with more than 11,000 startups across 40 countries
- Technology contributed 22% of JPMorgan investment banking fee revenue
- Startup-focused strategy expanded after Silicon Valley Bank collapsed
- Pattern IPO and DoorDash relationship highlight long-term banking model
What happened
JPMorgan’s rise in technology investment banking has been driven by a strategy focused on supporting startups from their early stages rather than targeting companies only when they are ready for IPOs or acquisitions.
One example is e-commerce company Pattern. In 2017, the startup needed a $10 million funding facility when it was still operating from a warehouse in Utah.
Despite the small size of the deal for a global bank, JPMorgan sent a team to evaluate the company in person.
Pattern later selected JPMorgan as the sole banker for its $225 million Series B funding round in 2021. The bank also co-led Pattern’s IPO with Goldman Sachs in 2025.
Pattern now expects revenue of about $3.3 billion this year.
“We're building something different, a platform that serves founders from their early days and throughout their entire life cycle,” said Andrew Kresse, JPMorgan’s co-head of innovation economy.
Why this matters
The strategy is helping JPMorgan challenge traditional technology investment banking leaders including Goldman Sachs and Morgan Stanley.
According to Dealogic and LSEG data, JPMorgan ranked first in total technology investment banking fees in the first quarter, supported by strong performance in equity underwriting, debt financing, lending and advisory work.
The bank’s approach became more aggressive after the collapse of Silicon Valley Bank in 2023, which had long dominated startup banking in the United States.
JPMorgan has since expanded its technology banking division and hired senior dealmakers from rival firms.
Analysts say the model allows JPMorgan to deepen relationships with founders well before companies become publicly listed giants.
JPMorgan expands technology banking push
The bank now has more than 550 bankers focused on innovation economy clients globally, including 200 hired since 2023.
JPMorgan works with startups and high-growth companies across sectors including:
- Artificial intelligence
- Healthcare technology
- Financial technology
- Space technology
- Enterprise software
Technology deals generated 22% of the bank’s $3.2 billion investment banking fee revenue during the first quarter, making it JPMorgan’s strongest-performing sector.
Mike Mayo, head of US large-cap bank research at Wells Fargo, said JPMorgan delivers a full-service model that combines lending, advisory and capital markets expertise.
Major deals strengthen JPMorgan’s position
JPMorgan has advised on several high-profile technology transactions in recent years.
These include:
- DoorDash’s acquisition of Deliveroo
- Palo Alto Networks’ acquisition of CyberArk
- Salesforce’s purchase of Informatica
- Global Payments’ acquisition of Worldpay
The bank also played a key role in Voyager Technologies’ IPO after CEO Jamie Dimon connected company executives with JPMorgan’s investment banking team.
Executives at startup clients said JPMorgan’s willingness to engage directly with founders and offer cross-division support helped strengthen trust.
Official statements
John Simmons, co-head of global banking at JPMorgan, said the bank is positioned to support startups throughout their growth journey.
“We are uniquely positioned to support a company from its early days into becoming one of the most major tech companies in the ecosystem,” he said.
Noah Wintroub, global chairman of investment banking, said long-term relationships help the bank guide clients through complex transactions.
What happens next
JPMorgan is expected to continue expanding its technology banking operations as artificial intelligence and digital infrastructure drive new investment activity globally.
The bank is also likely to intensify hiring in the sector as competition for technology IPOs, startup financing and AI-related advisory work increases.
Investors will closely watch whether the strategy continues to deliver market share gains against Wall Street rivals over the coming quarters.
FAQs
Q1: Why is JPMorgan focusing on startups?
JPMorgan is targeting startups early so it can build long-term relationships and provide lending, IPO and advisory services as companies grow.
Q2: What helped JPMorgan become a leader in tech investment banking?
The bank combined commercial banking, investment banking and advisory services to win mandates across IPOs, lending and mergers.
Q3: How many startup clients does JPMorgan have?
JPMorgan says it works with more than 11,000 startups and high-growth companies across 40 countries.
Q4: Which major tech deals has JPMorgan advised on?
The bank has advised on deals involving DoorDash, Salesforce, Palo Alto Networks, Global Payments and Voyager Technologies.
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