JPMorgan Chase shuts down Capital Connect

According to people familiar with the matter, JPMorgan Chase decided to discontinue the platform at the end of 2024, and then closed down the Capital Connect website. The bank rolled out Capital Connect in 2022 as a platform to support entrepreneurs connect with venture capital companies. When it comes to JPMorgan, the platform aimed to augment its relationship with VC investors.

More on JPMorgan’s decision to close down Capital Connect

One of the individuals acquainted with the details, who declined to speak on the record, mentioned that Capital Connect did not work as planned by JPMorgan Chase, however, the bank’s connections with venture capital and its objectives to further advance its position in the innovation economy remain. Additionally, the bank continues to be committed to assisting emerging companies in securing capital, but chose to do that via its existing banking relationships instead of the Capital Connect platform. At the same time, people said that any client who signed up on Capital Connect, or who had a fundraise ongoing, is still being served. When asked to comment on the matter, a JPMorgan spokesperson declined to offer any information.

As detailed by the same sources, JPMorgan Chase is currently leveraging the Capital Connect platform and infrastructure for another business, aiming to announce it in the upcoming period. The bank also redeployed the majority of the 200 employees of Capital Connect into other parts of the organisation, including JP Morgan’s global banking business, which develops digital products and services.

Furthermore, despite not having Capital Connect work as planned, JP Morgan still intends to focus on venture capital and the startup ecosystem as a growth area for the business. At the time of writing, the bank had over 500 bankers in its innovation economy business who assisted with the needs of approximately 10,000 clients, including venture-backed companies and investors.