U.S. investment bank and financial services company JPMorgan Chase has entered into an agreement to purchase medical payments technology firm InstaMed for $500 million.
The company said that the acquisition will expand its suite of payment services designed specifically for healthcare consumers, providers, and payers, giving it a stronger position in the market.
JPMorgan also said that on completion of the transaction, InstaMed will be operated within its wholesale payments division.
In 2017, JPMorgan Chase acquired U.S. online payment service provider WePay in a transaction valued at up to $400 million.