Bank Consortium in $90 Million Contribution to EWS

Cleary Gottlieb represented the bank consortium consisting of Bank of America, Capital One, JPMorgan Chase Bank, PNC Bank, Truist Bank, U.S. Bank, and Wells Fargo Bank in the contribution of $90 million in respect of their membership interests in Early Warning Services LLC (EWS), the fintech company that owns and operates Zelle.

The contributions will be used for the continuing development of Paze, a digital wallet and payments service. The closing occurred on February 20, 2024.