5/17, 4:31 PM (Source: TeleTrader)
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JPMorgan buys healthcare firm InstaMed - report

United States banking giant JPMorgan Chase & Co. announced it is buying healthcare payment company InstaMed, CNBC reported on Friday, citing sources with knowledge on the matter. JPMorgan and InstaMed agreed to a payment of over $500 million for the acquisition, which makes the deal the largest purchase for JPMorgan since 2008, when it agreed to buy Bear Stearns.

JPMorgan's move marks a large step for the company in the US healthcare spending market, which is currently worth approximately $3.5 trillion. The market offers an opportunity for big banks, as it is currently dominated by tech corporations and e-commerce firms. Additionally, JPMorgan in 2017 bought WePay, an online payment platform and a direct competitor to PayPal.

InstaMed currently employs approximately 300 staff and it is headquartered in Philadelphia. Meanwhile following the news, JPMorgan shares dropped 0.39% at 10:31 am ET.

Breaking the News / SS