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JPMorgan Chase makes strategic investment in FreshBooks accounting software

JPMorgan Chase & Co. has made a strategic investment in FreshBooks, the Toronto-based small business accounting software developer, according to a release from the company. 

Officials said the investment will help JPMorgan grow its small business base, including the self-employed. 

Bill Clerico, head of SMB product at Chase Merchant Services, said more than 4 million Chase for Business customers have been able to sign up with FreshBooks through its small business marketplace, and demand for the product has increased. 

"Our mission is to reshape the world to suit the needs of self-employed business professionals and their teams," Mike McDerment, co-founder and CEO of FreshBooks, said in a company release. "We see a significant opportunity to combine the strength and scale of JPMorgan Chase's banking and payment capabilities with FreshBooks' expertise in software design to create mass adoption for small business, and propel us closer to achieving that world.”

A Chase representative will join the FreshBooks board of directors. 

FreshBooks previously received $30 million in institutional funding in 2014 and $43 million in funding in 2017.