JPMorgan, Citi Buy Stakes in Fidelity Data-Sharing Unit Akoya

Fidelity Investments’ parent company, FMR LLC, is spinning off the Akoya unit it set up last year to help banks share consumers’ financial data with outside apps and startups.

After the transaction, Akoya will be jointly owned by 11 of the country’s largest financial institutions along with Fidelity and the Clearing House, a bank-owned operator of payment networks in the U.S., according to a statement Thursday. JPMorgan Chase & Co., Wells Fargo & Co., Bank of America Corp. and Citigroup Inc. are among the banks that plan to take stakes in Akoya.

“This is a major step ...