The firms plan to use the new investment to propel their growth. Credit: Tumisu from Pixabay.

J.P. Morgan Private Bank has made an undisclosed strategic investment in Switzerland-based fintech firms Edge Laboratories and Evooq.

The fintech firms offer software that allow advisers to offer tailor-made portfolios for affluent clients.

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Their softwares are designed to assess risk, creating and improving portfolios, as well as providing advisory solutions.

The firms offer their services to clients in Europe, the Middle East, Latin America and Asia.

They plan to use the new investment to accelerate their business growth.

Edgelab and Evooq CEO and founder Cedric Ullmo said: “With this investment, Edgelab and Evooq gain capital at a critical stage of growth for the companies that will help increase resources needed to deliver core portfolio products and initiatives.”

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With a combined workforce of 285 people, Edgelab and Evooq primarily serve large banks, wealth management entities and pension funds.

Since last year, J.P. Morgan Private Bank purchased fintech firm OpenInvest and made investments in Kraft Analytics Group and MioTech.

In August this year, JP Morgan concluded the purchase of Irish financial technology company Global Shares from Motive Partners.

The deal enabled the firm to provide Global Shares’ equity plan partners with a range of wealth management, executive financial services and other banking solutions.