Payment solutions provider Icon Solutions has picked up a strategic investment from J.P. Morgan.
“We’re excited to support Icon with this strategic investment as they look to continually build a simplified, collaborative payments ecosystem, driving emerging payments rails and innovation,” said Sara Castelhano, EMEA head of payments, digital and solutions at J.P. Morgan Wholesale Payments.
As part of the deal, she will join Icon Solutions’ board of advisers.
The PayTech will use the undisclosed cash injection to invest in its technology and geographic reach, helping new and existing customers do more with less and realise the potential of payments in the real-time, 24/7, open, data-driven world.
“Investment from J.P. Morgan is recognition of our achievements to date in supporting the evolution of the payments industry,” said Tom Kelleher, co-founder and commercial director at Icon Solutions. “Looking forward, it’s validation of our vision and ability to support ever-growing demand for technology transformation. We will benefit greatly from the scale and insight of a global banking leader and one of the most visionary technology companies in the world, with the flexibility and independence to pursue our innovation and growth roadmap.
“The payments industry has woken up and realised that the money is in value-added services, not payments processing. The right approach to transforming technology estates reduces costs, increases resilience and supports innovation to deliver more value, while staying in full control. The investment with J. P. Morgan enables Icon to accelerate our plans and be perfectly positioned to help banks leverage this opportunity to drive new revenues and further develop existing business lines.”
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