A fintech startup is taking on one of the world’s largest banks in a battle over artificial intelligence innovation. BondIT, an Israel-based fintech firm, has accused JPMorgan Chase Bank NA of stealing its AI-powered trading technology, after nearly two years of partnership discussions that ended in betrayal and millions in losses.
In a lawsuit filed Wednesday in New York state court, BondIT alleges that Chase and its affiliate, JPMorgan Strategic Investments I Corp., misappropriated trade secrets, breached binding agreements, and unjustly enriched themselves through deceitful negotiations that drained the startup’s intellectual property and financial resources.
“Exploited, Then Abandoned”
According to the complaint, JPMorgan used its senior executives to court the startup, only to “exploit a promising fintech firm and drain its intellectual property” before abandoning the deal “on pretext.”
Founded in 2012, BondIT developed a cutting-edge AI-driven SaaS platform that enables financial professionals to quickly build optimized bond portfolios. The company says Chase approached it in 2023, proposing a strategic partnership involving both investment and commercial collaboration.
BondIT claims the bank sought access to its “crown-jewel fixed-income technology,” leading to binding confidentiality agreements and extensive collaboration between teams. The startup reportedly spent thousands of hours customizing systems, training Chase personnel, and tailoring integration frameworks — all in anticipation of a final partnership deal.
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