JPMorgan Moves To Cut Off Fintech With Questionable Customers

Fintech startup Checkbook began with the promise to help banks eliminate paper checks and transformed itself into an international payments company that leveraged a relationship with JPMorgan Chase to give all manner of customers access to the U.S. financial system.

JPMorgan recently told Checkbook it was winding down its relationship with the firm rather than face the regulatory risks associated with handling some of those customers, which included Venezuelan crypto startups. And last week Checkbook replaced its CEO, who had been placed on leave in the fall around the same time the company discovered potential reconciliation issues with its ledgers.