JP Morgan to Acquire Public Benefit Corporation Sustainability-Led Fintech Company OpenInvest
Fascinating to see JPMorgan Chase & Co.'s announcement today of its agreement to buy #sustainability investing #fintech company OpenInvest.
Reflective of the opportunity JP Morgan sees to provide enhanced products and service to its clients and respond to the accelerating will to understand the #environmental, #social and #governance (#ESG) impact of investments, the impending acquisition is smart for #business.
However, along with being fascinating, the transaction is also remarkable for the fact that OpenInvest is a Public Benefit Corporation (PBC). A PBC is a legal status where the entity has mission to provide a positive impact on the #environment and society.
As explained by cofounder Joshua Levin, OpenInvest has a mission “to bring honesty and transparency to financial services.”
With that in mind, it's fair to say that OpenInvest's positioning is rather different to the historical positioning of JP Morgan. This said, who would have thought, five years ago, that Larry Fink and BlackRock would be so lionised for their #leadership in #sustainablefinance.
Narratives change. Transitions happen. Here's to more of that.
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