JPMorgan Chase to Acquire InstaMed to Expand Capabilities in Healthcare Payments

JPMorgan Chase and InstaMed will now offer healthcare providers,
payers and consumers an end-to-end healthcare payments solution

NEW YORK–(BUSINESS WIRE)–JPMorgan Chase & Co. (NYSE: JPM) today announced its plan to acquire
InstaMed, a leading U.S. healthcare technology company that specializes
in healthcare payments. The acquisition will expand the bank’s suite of
payment services designed specifically for healthcare consumers,
providers, and payers. InstaMed’s secure, centralized platform
alleviates a number of challenges in the healthcare payments industry,
with particular focus on eliminating paper, improving the consumer
financial experience, and reducing costs to collect payments.

“We’ve made significant investments in our Wholesale Payments business
over the years and this acquisition will give us a unique advantage in
one of the fastest growing sectors. With InstaMed, we combine the
strength and scale of JPMorgan Chase’s payments capabilities with a
leading healthcare payments solution for consumers, providers and
payers,” said Takis Georgakopoulos, Global Head of Wholesale Payments,
JPMorgan Chase. “The InstaMed team is passionate about delivering an
excellent client experience with a focus on innovation, keeping data
safe and secure, and simplifying the end-to-end healthcare payments
process – a natural fit with our Wholesale Payments franchise.”

U.S. healthcare spend is over $3 trillion* and is challenged by
significant transaction friction and inefficiency. Legacy approaches to
bill pay, claims processing, payment collection and reconciliation,
among other areas, have been slow to modernize, causing pain-points
across the industry. InstaMed’s centralized platform connects healthcare
consumers, providers and payers through a proprietary healthcare
payments network, enabling digital payments by sharing information
securely and more efficiently than in traditional payment models.

“We couldn’t be more excited to join the JPMorgan Chase family –
combining one of the world’s preeminent financial institutions with the
premier technology and talent in healthcare payments,” said Bill Marvin,
co-founder and CEO of InstaMed. “Together, we will be able to invest in
and expand the InstaMed Network, accelerate our consumer reach, and
deepen our commitment to innovation.”

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services
firm with assets of $2.7 trillion and operations worldwide. The Firm is
a leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction processing,
and asset management. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of customers in the United States
and many of the world’s most prominent corporate, institutional and
government clients under its J.P. Morgan and Chase brands. Information
about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About InstaMed

InstaMed powers a better healthcare payments experience on one platform
that connects consumers, providers and payers for every healthcare
payment transaction. InstaMed’s patented, private cloud-based technology
securely transforms healthcare payments by driving electronic
transactions, moving money and healthcare data seamlessly and improving
consumer satisfaction. Everyone benefits from InstaMed’s exclusive focus
on healthcare, integration into any healthcare IT system, robust
analytics and proven scale. For more information, visit www.instamed.com.

* Source: CMS.gov NHE Fact Sheet

Contacts

JPMorgan Chase Media:
Jessica Francisco, jessica.francisco@jpmorgan.com;
212-270-1719