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A household name in banking, JP Morgan is getting serious about financing VC-backed tech start-ups in Ireland that are disrupting their respective industries.
Wall Street financial services giant JP Morgan Chase has a new commercial banking unit for start-ups based in Ireland that have high growth potential.
The world’s largest bank by market capitalisation, JP Morgan Chase has been expanding its commercial banking services outside the US for at least four years now. The latest unit is part of the bank’s effort to expand its innovation economy business in the EMEA region, including Ireland.
As part of this Irish expansion, the commercial banking unit announced its first Ireland-based hire yesterday (1 August) with the appointment of senior banker Adrian Mullett, who has taken over as the bank’s innovation economy relationship executive for Ireland.
Mullett brings to the table more than two decades of experience in the industry. A current researcher in international business at Trinity College Dublin, he was previously a senior growth and commercialisation manager at CeADAR, Ireland’s national research centre for applied AI.
Before that, Mullett was the vice-president of the global growth debt team at Deutsche Bank in London. He also spent nearly five years at the Bank of Ireland as head of the technology sector.
“I’m excited to return to the banking sector to support the continued growth of Ireland’s innovation economy, especially with JP Morgan, which has such a global and comprehensive offering for innovative companies as they scale,” Mullett said.
The new unit will finance “Ireland-based, venture-backed companies” with high growth potential in a range of industries from disruptive commerce, life sciences and healthcare to IT and climate-tech.
Companies backed by JP Morgan will benefit from support beginning from the start-up stage all the way through to an IPO (initial public offering, which refers to when a private company first sells shares of stock to the public), and beyond, the bank said. This includes payments, capital raising and financing, liquidity solutions and strategic advisory.
“JP Morgan has a deep history in Ireland and we’re committed to supporting individuals and businesses here for the long-term,” said Marc Hussey, CEO of the bank’s Irish division.
“Ireland has a vibrant start-up scene and it’s wonderful to continue growing our presence in the country by working with more of these local tech businesses as they embark on their growth journeys.”
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