JPMorgan, one of the leading investment banks in the world, announced a strategic investment in an all-in-one payment platform Tilia. The platform handles in-game transactions, payment processing, and creator payouts for the virtual world, games, and Metaverse app developments. The brand received $22 million as funds from JPMorgan and has attracted other serious potential investors like Dunamu, a South Korean Fintech company. With this recent funding, the platform has successfully brought the Ex-Meta lead for Global Partnership and Fintech Innovative, Catherine Porter, to handle the brand’s business and growth management as Chief Business Officer.
Porter’s work at Meta includes her work in building the Diem and traditional payment ecosystems for the global products of the giant. She said, “I’ve seen firsthand how difficult it is to build payments networks, even at the biggest global tech companies. I joined Tilia because it has the track record, the technology, and the regulatory expertise necessary to create a trusted and safe financial system for every online economy, and we have only scratched the surface of what’s possible.”
Now, Tilia has plans to scale its payments platform with a payment platform by introducing minted tokens and KYC-compliant micropayments for creator platforms, online games, and other digital products, including Virtual worlds and social commerce. JP Morgan has extended support to Tilia by integrating their payment solutions into the brand’s payment platforms. It will enhance the payout currency support of Tilia to its customers and enhance its consumer support services.
The Chief Executive Chairman at the parent company of Tilia, Linden Research, Brad Oberwager, said, “Virtual economies represent a huge financial opportunity particularly for game, app and virtual world developers [… ] J.P. Morgan Payments, a worldwide leader and recognized innovator in payments, is the right partner.”
As far as JPMorgan is concerned, the company focuses on the virtual world & gaming spaces as expressed in its investment patterns in payment technologies for Metaverse and Gaming services enterprises. Apart from Tilia, the bank has also invested in Sightline, a regulated gaming industry payment technology company.