JPMorgan has reportedly decided against investing in fintech company Yapily, dealing a blow to the startups fundraising.

Yapily is a company that develops APIs to help merchants accept payments without going through traditional credit card companies. The startup is already backed by Sapphire Ventures, the same company that has invested in Square and Wise.

JPMorgan was reportedly looking to invest as much as $25 million in the company, but Business Insider is reporting that the investment bank has decided not to proceed, despite Yapily believing the deal was moving forward.

One source told Insider the bank’s investment may have been contingent on more funding from other parties, meaning the deal may still happen if Yapily is able to raise additional funds from other sources.