JPMorgan is fighting for the loyalty of American customers as fintech players like PayPal and Square morph into do-everything providers.
When it came to payroll services — a universal chore for small business owners, some of whom still use paper checks to pay workers — JPMorgan decided to partner with Gusto rather than build its own solution.
A fintech partner like Gusto is better able to manage the complexity of offering payroll services nationally. There are nuances to individual states, cities and counties that make the sector difficult to crack, according to Reeves. Using Gusto will help JPMorgan to speed its time to market for this service, which will go live by the end of 2024, according to a person with knowledge of the situation. The offering will disburse salaries to employees, generate tax documents and pay stubs, and file to local and national agencies.small business customers and more than 200,000 users of its payments-solutions offering, according to the person.
Gusto was founded in 2011 and serves 300,000 small and medium businesses. It was last valued at $9.6 billion. The startup competes with traditional and newer providers including ADP, Intuit, Paychex and Rippling.
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