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India’s fair trade regulator <keyword id="47183" type="ORGANIZATION" weightage="100" keywordseo="CCI">CCI</keyword> has stamped US-based technology outsourcing company <keyword id="228818" type="COMPANY" weightage="100" keywordseo="Virtusa">Virtusa</keyword> Corp to acquire 53% stake in mid-tier Indian IT firm <keyword id="52089" type="CITY" weightage="100" keywordseo="polaris">Polaris</keyword> Consulting &amp; Services. 
 
The deal, which is set for about Rs 1,173 crore, will help Virtusa provide end-to-end global banking and financial services, and will also let it pursue larger consulting and outsourcing opportunities. 
 
Virtusa, which is a global firm providing IT consulting, technology implementation and application outsourcing services, also deals in communications and technology, banking, finance and insurance. 
 
In November last year, Virtusa had announced its decision to acquire about 53% of the paid-up share capital from certain promoter entities led by Arun Jain and certain other shareholders, including OrbiTech. The shares would be purchased for Rs 220.73, which would sum up to Rs 1,173 crore. 
 
<a href="http://www.freshers.asia/jobs/wp-content/uploads/2015/07/freshers.asia_.jpg">Image source</a>

Virtusa is making a fair buy of 53% stake in Polaris

US-based Virtusa today agreed to buy majority 53 per cent stake in Chennai-based <keyword id="2587463" type="UNKNOWN" weightage="80" keywordseo="Polaris-Consulting">Polaris Consulting</keyword> and Services for about Rs 1,173 crore. 
 
The combination will equip Virtusa to provide end-to-end global banking and financial services and solutions and pursue larger consulting and outsourcing opportunities. 
 
According to the agreement, a subsidiary of Virtusa will acquire about 53 per cent of the paid up share capital from certain promoter entities, led by Arun Jain, and certain other shareholders, including OrbiTech (formerly known as Orbitech Limited), Virtusa said in a statement. 
 
Virtusa will purchase shares at a price of about Rs 220.73 apiece, aggregating to about Rs 1,173 crore, it added. 
 
"In addition, Virtusa will make an unconditional mandatory offer to the public shareholders of Polaris to purchase up to an additional 26 per cent of the outstanding shares of Polaris," it said. 
The deal will expand presence in key markets and enhance the ability to pursue larger consulting and outsourcing contracts, the statement said. 
 
Polaris Consulting and Services had posted a net profit of Rs 47.34 crore, while its income from software development, support and BPO services stood at Rs 517.67 crore in the July-September 2015 quarter. 
 
The deal was announced after trading hours. Polaris shares closed at Rs 204.50 apiece, down 1.02 per cent from previous close, on the BSE. 
 
"I am delighted to have identified Kris Canekeratne and his team at Virtusa to pass on the baton to grow Polaris by offering greater value to customers and more opportunities for the team," Polaris Consulting and Services Chairman Arun Jain said. 
 
Last year, IT services firm Polaris Financial Technology (Polaris FT) had carved out its products business into Intellect Design Arena. Polaris FT later rebranded itself as Polaris Consulting and Services. 
 
It had 7,648 employees (excluding BPO division) at the end of September 30, 2015. 
 
"This will also enable me to establish and pursue innovative models for social impact using Design Thinking in the areas of health and education, in addition to my focus on steering Intellect Design Arena Limited into a global digital products powerhouse," he said. 
 
Virtusa Chairman and CEO Kris Canekeratne said Polaris brings a terrific team and an attractive, blue-chip client base to the organisation. 
 Upon closing of the transaction in the quarter ended March 2016, <keyword id="44473" type="CITY" weightage="80" keywordseo="Citigroup">Citigroup</keyword> Technology Inc will designate Virtusa and Polaris as a preferred vendor for providing IT services on an enterprise-wide basis. 
 
In addition, the companies have agreed to certain productivity savings and associated reduced spend commitments for a period of two years, which, if not achieved, would require Virtusa/Polaris to provide certain minimum discounts to Citi. 
 
Image credit: Indiatimes

US-based Virtusa to buy 53% stake in Chennai-based Polaris Consulting for Rs 1,173 crore

<ul><li><keyword id="15575244" type="General" weightage="80" keywordseo="bonatra" source="Orion">Bonatra</keyword> is a men’s wellness doctor-led IoMT startup (Internet of Medical Things) focused on managing male menopause and chronic diseases in men. </li><li>Bonatra will use the funding received to expand technology and product offerings, build the team and grow the customer base. </li><li>The National Health Mission reports non-communicable diseases account for 60% of deaths in India. </li></ul>Bonatra, a men’s health and wellness startup has raised ₹5.5 crores in a pre-seed round led by ITI Growth Opportunities Fund. ITI Growth Opportunities Fund is an early stage <keyword id="6357097" type="General" weightage="20" keywordseo="venture-capital" source="Orion">venture capital</keyword> firm. The funding also saw participation from marquee angel investors like <keyword id="1938986" type="General" weightage="50" keywordseo="jitendra-jagadev" source="Orion">Jitendra Jagadev</keyword>, founder, Nestaway and Helloworld, and Rajesh Yabaji, founder, <keyword id="53463" type="General" weightage="50" keywordseo="blackbuck" source="Orion">Blackbuck</keyword>. Bonatra is India’s only doctor-led IoMT (Internet of Medical Things) unified health stack solution and was founded in March 2022 by Rahul Kishore Singh(CEO), Manjari Chandra(CMO), Ramanpreet Singh(COO) and Amit Acharya(CTO) to manage chronic diseases in men. “The incidence of lifestyle disorders in men across ages has increased over the past decade as a result of dietary changes and sedentary lifestyles. We founded Bonatra, intending to enable men to take proactive steps to prevent, manage, and reverse various health conditions,” Rahul Kishore Singh, CEO and co-founder, Bonatra said. The National Health Mission reports non-communicable diseases account for 60% of deaths in the <a href="https://nhm.gov.in/index1.php?lang=1&amp;level=2&amp;sublinkid=1048&amp;lid=604">country.</a> This includes diabetes, thyroid, cardiac diseases and cancer, to name a few. Over the last several years, the incidence of cardio-metabolic diseases in men has considerably increased, and the risk factors continue to be high, Bonatra claims. Incidence of <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4046605/">andropause</a> or male menopause also brings with it mood swings, loss of muscle mass, loss in <keyword id="31468" type="General" weightage="20" keywordseo="libido" source="Orion">libido</keyword> and energy. Issues such as loss of libido, fatigue, insomnia, receding hairlines, poor muscle mass, depression, repeated infections, and joint pains are commonly seen in young men. However, most chronic conditions are manageable through prevention and timely detection, the company estimates. It offers personalised, targeted lifestyle, nutritional and fitness interventions to balance hormones in men. This includes managing early andropause, correcting gut dysbiosis (imbalance in gut bacteria) and reducing heavy metal toxicity in the body. The startup states it has served over over 1000 patrons and works with more than 400 doctors across India. “Bonatra is a unique mix of medical science, data science, and technology. Since its launch in March, Bonatra has demonstrated impressive growth, and it's evident that they are fulfilling a large unmet need in the healthcare space. The brand is positioned for incredible future growth and has the potential to become a category leader,” Mohit Gulati, managing partner, ITI Growth Opportunities Fund said. The funding received will be used to expand technology and product offerings, build the team and grow the customer base, the company said. Other investors who participated in the round include Satish Shetty and <keyword id="2684471" type="General" weightage="50" keywordseo="anuj-bishnoi" source="Orion">Anuj Bishnoi</keyword>, founders, Morningcart (Big Basket Daily), Ankit Maheshwari, CFO India, Cars24, Divyanshu Anand, VP, Cars24, Ankit Agarwal, VP, Global Business, OYO, Shakeeb Anwar, Head, Virtusa, UK, <keyword id="15575245" type="General" weightage="50" keywordseo="sarath-ruthvic" source="Orion">Sarath Ruthvic</keyword>, VP, Brookfield, and others. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/from-a-college-dropout-to-most-subscribed-youtuber-everything-to-know-about-mr-beast/slidelist/95607609.cms">From a college dropout to most subscribed YouTuber, everything to know about Mr. Beast</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/big-fat-indian-weddings-back-but-with-slimmer-guest-lists/articleshow/95657820.cms">Big fat Indian weddings back but with slimmer guest lists</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/humans-will-be-able-to-live-for-longer-periods-on-the-moon-in-this-decade-says-nasa/articleshow/95652408.cms">Humans will be able to live for longer periods on the Moon in this decade, says NASA</a>

Wellness startup dealing with male menopause raises ₹5.5 crore in pre-seed funding

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Most of our time this week was spent covering a sweeping, long-shot bid to legalize cannabis from Sens. Chuck Schumer, Cory Booker and Ron Wyden.The trio introduced a draft version of the bill, The Cannabis Administration and Opportunity Act (CAOA), on Wednesday. <a href="https://www.businessinsider.com/senate-democrats-propose-bill-legalize-marijuana-2021-7">If you need the key takeaways, we've got you covered here</a>. In short, and I said this on NBC LX on Thursday, the bill goes after the 'whole enchilada' (yes, terrible metaphor) for marijuana legalization: It would fully remove cannabis from the list of federally controlled substances, expunge some criminal records, tax and regulate the industry, create funds that help minority entrepreneurs, and eventually allow for interstate commerce.This is the first time the senate majority leader has outlined cannabis reform as a top priority, and he's joined by Wyden, chair of the Senate Finance Committee - arguably the most powerful committee - as well as a former presidential candidate in Booker.Though the bill will likely change significantly over the next few months, the chances it gets over the 60-vote filibuster threshold are almost nonexistent. It's even unlikely they'll get all 50 Democratic Senators onboard, <a href="https://www.businessinsider.com/marijuana-legalization-federal-decriminalization-congress-democrats-banking-schumber-2021-3">as we've reported</a>. There's a broader fight brewing within the industry as well as the popular activist movements that view legalization as the tip of the spear of broader police reform.The industry's investors and executives want access to banking. Senate Democrats and their progressive base want criminal justice reform first.Booker drew a bright red line in a Wednesday press conference, indicating that he would stop bills like SAFE Banking, which would allow cannabis companies to access the financial system without broader legalization, from advancing ahead of criminal justice reform.- Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>) If you like what you read, share this newsletter with your colleagues, friends, boss, spouse, strangers on the internet, or whomever else would like a weekly dose of cannabis news. <a href="http://insider.com/" target="_blank" rel="noopener noreferrer">Insider.com</a> update: <keyword id="1590971" type="PERSON" weightage="60" keywordseo="Newsletters">Newsletters</keyword> are now coming from our new domain, @<a href="http://insider.com/" target="_blank" rel="noopener noreferrer">insider.com</a>. Also, a friendly reminder to add <a href="mailto:newsletter@insider.com" target="_blank" rel="noopener noreferrer">newsletter@insider.com</a> to your address book.Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/senate-democrats-propose-bill-legalize-marijuana-2021-7">Top Senate Democrats just released a 30-page draft that lays out their vision for legalizing cannabis. Here are the 8 things you need to know.</a></h3>The discussion draft for the Cannabis Administration and Opportunity Act (CAOA) was released on Wednesday. The bill isn't expected to garner enough votes to pass the Senate - and the White House has not signaled support for the legislation - but Insider looked through the 30-page document to highlight eight key points in the draft. <h3><a href="https://www.businessinsider.com/analyst-schumer-marijuana-legalization-bill-pros-cons-cannabis-companies-2021-7">A top Wall Street analyst lays out why Schumer's legalization bill isn't a slam dunk for US cannabis companies</a></h3>In a Thursday note, Cantor Fitzgerald analyst Pablo Zuanic said that while de-scheduling - a key aspect of the CAOA - would be a big win for the industry, a hefty federal tax would pose a "new burden" to consumers who already have to pay high state and local taxes. Zuanic broke down the draft into 7 points and noted how each one would affect current cannabis companies.<h3><a href="https://www.businessinsider.com/list-top-cannabis-stocks-to-buy-curaleaf-gti-trulieve-cresco-2021-7">A top Wall Street analyst lays out 4 cannabis stock picks after Schumer's sweeping marijuana legalization proposal</a></h3>Analysts say that the recent pullback in US cannabis stocks the day Democrats released their bill draft has created a prime buying opportunity and laid out his top four picks. "Make use of yesterday's weakness," the analysts said in a Thursday note, adding that investors should avoid financially stretched companies that lack "state-level depth." <h3><a href="https://www.businessinsider.com/list-top-vcs-venture-capital-investors-psychedelics-industry-2021">Meet the top 11 VCs who've bet the most cash on turning MDMA and magic mushrooms into medical treatments</a></h3>The psychedelics space has burgeoned over the past year and VCs are largely responsible for all the capital that's flowing into the space. Insider put together a list of the top investors that have bet the most cash on psychedelics companies. <h2>Executive moves</h2><ul><li>Curaleaf <a href="https://www.prnewswire.com/news-releases/curaleaf-appoints-ranjan-kalia-as-chief-financial-officer-301331165.html">announced</a> that Ranjan Kalia, former executive vice president and CFO of tech firm Virtusa Corp, would be joining the company as CFO.</li><li>MedMen <a href="https://www.businesswire.com/news/home/20210715006062/en/MedMen-Announces-Permanent-Appointment-of-Tom-Lynch-as-Chief-Executive-Officer">announced</a> that Tom Lynch, who had been serving as interim CEO, would be stepping into the role on a permanent basis.</li><li>President Joe Biden <a href="https://www.washingtonpost.com/health/2021/07/13/biden-gupta-drug-czar/">tapped Dr. Rahul Gupta as the new director of the Office of National Drug Control Policy</a> (ONDCP). Gupta is the former chair of the West Virginia Medical Cannabis Advisory Board. </li><li>Cannabis retail company Zoned Properties named Berekk Blackwell as its new COO. </li><li>Psychedelics wellness retreat company Dimensions Health Centres <a href="https://www.globenewswire.com/news-release/2021/07/13/2261988/0/en/Dimensions-Health-Centres-Expands-Executive-Leadership-Team.html">said</a> that Dr. Douglas Cook, head of neurosurgery at Queen's University, will be joining the company as chief medical officer. Hospitality veteran Linda Griffin will be joining as managing director of hospitality.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Michigan cannabis company C3 Industries <a href="https://jcannabisresearch.biomedcentral.com/articles/10.1186/s42238-021-00084-y">closed a $25 million funding round</a> led by Welcan Capital and Navy Capital, bringing the company's total capital raised to $65 million.</li><li>Psychedelics company Wesana Health <a href="https://www.globenewswire.com/news-release/2021/07/13/2262007/0/en/Wesana-Health-Announces-Definitive-Agreement-to-Acquire-PsyTech-Inc.html">announced</a> that it acquired therapeutic software company PsyTech in a C$21 million all-stock deal. </li></ul><h2>Policy moves</h2><ul><li>Democratic Senators unveiled a draft discussion for the Cannabis Administration and Opportunity Act on Wednesday. <a href="https://www.businessinsider.com/senate-democrats-propose-bill-legalize-marijuana-2021-7">We've got the main takeaways and a full summary PDF for you here</a>. </li><li>The United States Anti-Doping Agency is seeking to ease restrictions around athletes testing positive for marijuana use in an upcoming meeting with World Anti-Doping Agency (WADA), <a href="https://www.reuters.com/lifestyle/sports/usada-wants-fair-cannabis-rules-white-house-calls-meeting-2021-07-12/">Reuters reports</a>. </li><li>New Jersey has dismissed 88,000 marijuana cases, under the state's new legal marijuana laws, <a href="https://www.nj.com/marijuana/2021/07/nj-has-dismissed-88k-weed-cases-under-new-marijuana-law.html">NJ Advance Media reports</a>. </li></ul><h2>Research and data</h2><ul><li>Living near a dispensary did not increase cannabis use among young adults. However, there was a slight increase in tobacco/cannabis co-use among white people, according to <a href="https://jcannabisresearch.biomedcentral.com/articles/10.1186/s42238-021-00084-y">a new study published in the Journal of Cannabis Research</a>.</li><li>A <a href="https://jcannabisresearch.biomedcentral.com/articles/10.1186/s42238-021-00084-y">new study published in the journal </a><a href="https://jcannabisresearch.biomedcentral.com/articles/10.1186/s42238-021-00084-y">Addictive Behaviors</a> found that young men- particularly Black and Hispanic - had higher odds of suicidal ideation coinciding with cannabis use disorder. </li></ul><h2>Chart of the week</h2>Florida dominates the US medical cannabis market, selling $1.2 billion worth of products in 2020, according to New Frontier Data. Trailing closely behind are Arizona and California, at $1.1 billion and $857 million in sales respectively:<h2><div type="image" title="A bar chart about the top 10 medical cannabis market by revenue in 2020" height="1076" width="1240" msid="84483072" hostid="261"></div></h2><h2>What we're reading (and listening too)</h2><a href="https://www.businessinsider.com/trucking-truck-driver-marijuana-drug-testing-clearinghouse-2021-7">The trucking industry is doubling down on booting marijuana smokers, and it's getting a little ridiculous</a> (Insider) <a href="https://www.insider.com/synthetic-weed-molecule-only-gives-munchies-without-high-treat-cancer-2021-7">Lab-grown weed designed to give you the munchies without feeling high could be a life-saving cancer treatment</a> (Insider)<a href="https://www.businessinsider.com/top-lawyers-law-firms-crypto-cannabis-tiktok-emerging-industries-2021-6">The lawyers making money behind the scenes of emerging fields like crypto, cannabis, and the influencer economy</a> (Insider)<a href="https://www.nytimes.com/2021/07/11/well/move/marijuana-olympics-ban.html">Can Marijuana Make You a Better Athlete?</a> (New York Times)<a href="https://www.latimes.com/california/story/2021-07-11/illegal-marijuana-grows-have-overrun-the-california-desert">Illegal pot invades California's deserts, bringing violence, fear, ecological destruction</a> (LA Times)<a href="https://www.cnn.com/2021/07/15/business/dale-katechis-craft-beer-cannabis/index.html">One of the biggest names in craft beer is hopping over to the cannabis business</a> (CNN)<a href="https://www.nytimes.com/2021/07/09/opinion/sunday/drug-legalization-mdma-psilocybin.html">Opinion: How should we do drugs now?</a> (New York Times)<a href="https://slate.com/podcasts/one-year/s1/1977/e2/marijuana-policy">Mr. Marijuana and the Drug Czar</a> (Slate)

Schumer's legalization plan

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Associated PressJPMorgan CEO Jamie Dimon's Finn app was not a hit with millennial customers.</div></div></div><ul class="summary-list"><li>JPMorgan's digital-only banking app, Finn, was plagued internally with uncertainty around how it would operate and the impact it would have on the bank's traditional Main Street offering, sources told Business Insider. </li><li>Consultants estimate the cost of the project to be between $50 million to $100 million.</li><li>Finn, which was shuttered less than two years after it launched, illustrates the issues that can befall Wall Street firms when they try to disrupt themselves. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>A house divided against itself cannot stand, and neither, it appears, can two competing banking apps within a firm. And while the rise and fall of JPMorgan's digital-only bank, Finn, didn't quite lead to a civil war, it did illuminate the issues that can crop up when Wall Street firms with entrenched lines of business attempt to disrupt themselves.Finn was meant to be JPMorgan's introduction to digital-only banking, and a way for Wall Street's biggest bank to attract a demographic - millennials - <a href="https://www.businessinsider.com/challenger-banks-like-monzo-n26-and-chime-pose-a-disruptive-threat-2019-2">it felt it was at risk of losing to upstarts</a>. Less than two years later, <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-shut-down-finn-its-milliennial-banking-app-2019-6-1028260540">the banking app is on its way out</a> thanks to a lack of coordination regarding how it was set up, skepticism around how it would operate and uncertainty over its impact on the bank's traditional Main Street offering, three people briefed on its operations told Business Insider. In early June, <a href="https://www.businessinsider.com/jpmorgan-internal-memo-announces-shutdown-of-finn-digital-banking-app-2019-6">JPMorgan notified Finn customers</a> their accounts at the digital-only bank, which launched its pilot program in St. Louis in October 2017, would be rolled over to traditional Chase accounts by August 10. Wall Street analysts suggested the product seemed somewhat doomed from the start, questioning why JPMorgan, which is one of the most well-known names in banking, <a href="https://www.businessinsider.com/experts-explain-why-jpmorgans-millennial-focused-finn-failed-2019-6">chose to create an entirely separate brand for its new offering</a>. Others in the market did too. "Lots of people in fintech thought they were essentially running an A/B test," said Ahon Sarkar, vice president of product and strategy at StoneCastle, referring to the practice of running an experiment with two versions or variables to see which one performs better. "While they've had decent adoption of mobile with the 50-plus crowd, the shuttering seems to confirm that breaking into the millennial digital-only arena didn't quite pan out."Most importantly, that sentiment was shared internally, according to the people. Some senior executives at the bank were not completely sold on the concept of Finn, according to one person, unsure of why it was sanctioned and how it would operate. Others in the bank's traditional retail unit weren't involved in some of the key decisions, the person said. At times, the two groups - Finn and the traditional banking unit - didn't talk to each other, according to a second person. Read more: <a href="https://www.businessinsider.com/experts-explain-why-jpmorgans-millennial-focused-finn-failed-2019-6">'Who is Finn?': JPMorgan's banking app for millennials seemed destined to fail from the start</a>Pablo Rodriguez, a spokesman for JPMorgan, said in an emailed statement: "Our retail business was involved throughout the entire process of Finn."One reason for the lack of organizational buy-in, according to the people briefed, was due to the fact Finn was established completely separate from Chase's traditional consumer banking group. The Finn app wasn't even built internally by JPMorgan. Instead the bank worked with several third-party contractors to build it out, including Virtusa, the Southborough, Massachusetts-based consulting firm, one of the people said.Frank Palermo, an executive vice president of global digital solutions at the consulting firm, did not return repeated calls for comment. Building the app separately, in theory, gives more room to those working on the project to innovate and go in a different direction than what JPMorgan's brand might dictate. But in this case it meant key executives in the traditional retail banking business, the largest in the US, weren't completely brought into the project, one of the people said.<h2>'JPMorgan is sitting on 50 years of COBOL and Fortran'</h2>Finn operated as a stripped down version of JPMorgan's banking app, but with a different user interface and features that made it easier to save and track spending. It also allowed users to rate their transactions with emojis, which <a href="https://www.businessinsider.nl/jpmorgan-chase-online-bank-finn-for-millennials-2018-7/">some people didn't understand</a>. Despite all that, the app was designed as an added layer on top of JPMorgan's decades-old banking infrastructure. "I understand that they tried to separate the tech as much as possible from the JPM core, but they still had to run it on that core," said Todd Baker, a senior fellow at Columbia University and managing principal at Broadmoor Consulting LLC. "JPMorgan is sitting on 50 years of COBOL and Fortran," he said, citing old programming languages. That makes it more expensive and sets up a cost structure that's even more prohibitive than what a startup might face, according to Robert Sears, a consultant and former BBVA exec in charge of open banking and head of product for new digital businesses. Big bank compliance policies and vendor management issues would also make it more expensive. "You can build a cool startup but you have to behave like the mother bank in matters that cost a lot," he said. Sears estimates that it would likely cost between $20 million and $50 million to develop an app like Finn, and that's just development costs. Marketing would likely add another $10 million to $15 million to the tally. Three other consultants surveyed by Business Insider estimated a cost of between $50 million and $100 million. JPMorgan declined to provide a figure. To be sure, this is a small sum for <a href="https://www.businessinsider.com/heres-a-breakdown-of-how-much-us-banks-are-spending-on-technology-2019-3">JPMorgan, with an annual tech budget of $11 billion.</a>The bank also declined to say how many accounts signed up. Estimates vary widely, with a survey conducted by banking consultant Cornerstone Advisors ranking Finn 11th among the top US digital banks, citing an estimated 47,000 deposit accounts. Sensor Tower estimated that just 232,000 people had downloaded Finn onto their mobile phones, according to the <a href="https://www.wsj.com/articles/jpmorgan-closing-down-finn-digital-bank-a-year-after-nationwide-launch-11559819232?utm_source=Triggermail&amp;utm_medium=email&amp;utm_campaign=Post%20Blast%20%28bii-fintech%29:%20Here%27s%20why%20JPMorgan%20got%20Finn%20wrong%20%7C%20Credit%20Agricole%20in%20%2416.8B%20digital%20transformation%20%7C%20SoftBank%20sizes%20up%20Nubank%20investment&amp;utm_term=BII%20List%20Fintech%20ALL">Wall Street Journal</a>. Other early stage efforts, like Goldman's Marcus unit or banking startup Chime, have millions of customers. Assuming the bank spent $15 million on marketing to acquire the number of customers that Cornerstone estimates, JPMorgan may have spent something like $319 to acquire each customer. By way of comparison, <a href="https://www.businessinsider.com/hbsc-roboadvisors-report-on-breakeven-2019-3">a recent study by HSBC</a> found customer acquisition costs for robo-advisors to be around $300. But JPMorgan really needed to get customer acquisition costs below $100 to succeed, Sears said. Finn relied on card swipe fees to generate revenue, and the bank needed customers to spend about $1,500 each month to break even, he estimates. "You have to get it down to under $100 to really scale one of these things and survive," he said. "If they don't happen to hit the mark with the marketing and branding, those costs stay high. Somebody like Chase, they can pump money in for a while, but at some point they're going to get frustrated."In any case, the app never gained traction. App store reviews, closely watched by industry experts for signs of social and viral pickup, were no more supportive. Finn received just 6,973 reviews in Apple's app store, compared to nearly 2 million that PayPal's app has collected. <h2>Zero-sum game </h2>Perhaps Finn's biggest shortcoming was how the potential threat it posed to Chase's traditional checking account was felt internally, one of the people said. The two sides were in a zero-sum game in which a new account on Finn could mean a missed opportunity for Chase. More than half of Finn's users already had relationships with Chase, a spokesman told the Wall Street Journal last month. "Imagine if you were running the checking account business for Chase and then some other group is like, 'I'm going to launch a checking account, but don't worry, it's just going to be for millennials. I swear it won't impact your business,'" the person said. "And you, as the head of the checking account business, have no say into what it is, how it is structured."See more: <a href="https://www.businessinsider.com/jpmorgan-internal-memo-announces-shutdown-of-finn-digital-banking-app-2019-6">JPMorgan is shuttering its banking app for millennials after one year. We got ahold of the internal memo announcing its demise.</a>The broader discussion around fintech probably matters too, according to payments expert Patricia Hewitt. When Finn first launched the industry dialogue focused on how incumbents had to protect themselves from fintech disruptors. It's since shifted based on a realization that existing players will be harder to dethrone than some thought. "Finn was conceived in a time when there was this idea that you had to have this snazzy sexy brand for your mobile products," she said. "What they're finding out is they don't, it's all about the feature and functionality."The consultants and industry insiders were quick to point out that JPMorgan's main banking app will be enhanced by the learnings it got from Finn. "They failed fast and they were able to acquire customers, knowledge, intelligence and technographic profiles that were very attractive," according to Crone Consulting's Richard Crone. "If anything they self selected their most prized mobile banking customers." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/executives-from-morgan-stanley-citi-and-barclays-talk-about-tech-2019-6">WATCH: Executives from Morgan Stanley, Citi, and Barclays explain how they encourage innovation within big, unwieldy banks</a></h3> <div> </div> </div>

Finn, JPMorgan's failed millennial-focused app, was plagued with internal skepticism and uncertainty. It shows how hard it can be for Wall Street to disrupt itself.

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