The Philadelphia Business Journal features the news about JPMorgan Chase’s acquisition of InstaMed in 2019.
Read the full article, Year in review 2019: Biggest Philadelphia tech acquisitions, in the Philadelphia Business Journal. Below is an excerpt from the article.
When InstaMed first started out in 2004, its founders made a bet: How much consumers were paying for out-of-pocket health care costs will continue to rise, and soon, providers, insurers and patients were going to need a more efficient way to manage all of those payments.
The bet paid off. After building a payments platform, raising more than $125 million in venture capital and growing the firm to more than 300 employees in both Center City and California, it caught the attention of one of the world’s largest financial services firms. JPMorgan Chase announced in May it agreed to buy InstaMed in the banking giant’s biggest acquisition since the 2008 financial crisis. The exit represented a win for local investors including seed fund Ben Franklin Technology Partners of Southeastern Pennsylvania, Osage Partners, NJTC Venture Fund and Midas Capital, the personal investment fund for First Round Capital’s Josh Kopelman. It was also a win for the region, since the plan moving forward is to keep InstaMed in Philadelphia, keep its branding and retain its CEO and co-founder Bill Marvin as captain of the ship.