Investbank became the first participant in the trading platform to buy out a share of the project.
Investment bank JPMorgan has acquired a stake in Zanbato, a fintech startup co-founded by Joe Lonsdale, co-founder of Palantir, an analytical company. The parties announced this in a joint press release. The size of the investment, JPMorgan’s stake and other financial terms of the deal were not disclosed.
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- Zanbato is the operator of the ZX platform, which is an alternative trading system. According to the startup, ZX is currently “the leading inter-broker platform for private equity trading.”
- ZX was launched in 2016. More than 100 banks and brokers cooperate with the platform. Zanbato CEO Niko Sand told CNBC that JPMorgan was the first ZX member to invest in the platform. According to Sand, in the future, the startup will allow other participants to enter the capital of the project.
- In 2020, the number of ZX users more than doubled, and the volume of transactions processed by the platform more than tripled. Sand stressed that the majority of ZX exhibitors recorded record trading levels in the past year.
- JPMorgan began offering private equity trading services to its clients about six months ago. The investment bank explains its step by the fact that leading funds and institutional investors are increasingly turning to secondary markets to actively manage their portfolio companies. According to Pitchbook, in 2020 the combined value of private venture capital companies exceeded $ 2 trillion.
