Fortune | Thursday, July 17, 2025 
JPMorgan’s plan to charge for data could ‘cripple’ crypto and fintech startups, execs warn

When JPMorgan Chase told fintechs last month that it planned to charge them for accessing its customer banking account data, it sent shockwaves through corners of the financial industry. According to four industry executives, the move is a blow to the fintech sector and could prove devastating to early-stage startups, including those in the crypto industry. Analysts, however, think mature fintechs like PayPal and Block will likely not feel much consequence from this fee change. Under the plan, every time a consumer moves money from JPMorgan Chase to a crypto account or a third-party service like Robinhood, the bank could charge the data aggregators a fee. Crypto firms and fintechs typically use aggregators, like Plaid or MX, to access customer accounts at major financial institutions like JPMorgan Chase. Up to now, the banks have not charged the fintechs, but this may change. The aggregators are widely expected to pass the new fees onto their fintech customers, with some potentially transferring the costs to the consumer. JPMorgan’s plans to charge fees would make it economically impossible for many consumers to use stablecoins and crypto, according to three industry executives, who declined to speak on the record for fear of retaliation. “This would cripple the crypto industry,” one of the execs said...Read more