(CNBC): JPMorgan Chase seizes opportunity in the wake of Silicon Valley Bank’s collapse to ramp up its startup banking business.

JPMorgan Chase capitalized on the sudden collapse of Silicon Valley Bank by expanding its startup banking operations. Following the decision not to purchase SVB, JPMorgan saw an opportunity to compete with other startups-focused banks like Brex and Ramp. By acquiring key players from SVB and First Republic, JPMorgan significantly increased its revenue from startup banking in 2023. The bank aims to become the go-to financial partner for startups, providing a wide range of services from seed round to IPO and beyond.

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