Home United Kingdom JPMorgan buys Nutmeg to bolster digital banking push in UK

JPMorgan buys Nutmeg to bolster digital banking push in UK

JPMorgan buys Nutmeg to bolster digital banking push in UK

Home >Companies >News >JPMorgan buys Nutmeg to bolster digital banking push in UK

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wsj 1 min read . Updated: 17 Jun 2021, 07: 30 PM IST SIMON CLARK, The Wall Road Journal

  • Digital wealth manager Nutmeg has around 140,000 customers and $5 billion in sources

JPMorgan Rush & Co. agreed to steal digital wealth manager Nutmeg Saving and Investment Ltd., phase of a push to put a retail banking presence in the U.Sufficient.

Nutmeg, based mostly in 2012, has more than 140,000 customers and £3.5 billion under management, the equivalent of around $5 billion. A imprint for the acquisition wasn’t disclosed nonetheless folks acquainted with the transaction said it became as soon as between £500 million and £1 billion.

JPMorgan said in January it would begin a recent digital financial institution in the U.Sufficient., offering individual banking companies and products there for the main time. Referred to as Rush, it is at show being tested internally with JPMorgan workers sooner than a public begin later this year.

Nutmeg’s savings and investment products obtained’t initially be provided by the retail banking undertaking, the financial institution said.

JPMorgan is entering a crowded digital banking market in the U.Sufficient. Regulators encouraged recent startups, including Starling Financial institution Ltd. and Monzo Financial institution Ltd., to increase competition in the wake of the remaining international financial crisis. These so-called challenger banks have forced traditional lenders to improve their digital offerings nonetheless have struggled to produce profits.

JPMorgan remaining year thought to be as making a reveal for Starling Financial institution, based mostly by Anne Boden in 2014, according to folks acquainted with the intention back.

JPMorgan beforehand tried to begin a digital financial institution in U.S. cities and markets where it didn’t have Rush branches, nonetheless closed the product, called Finn, in June 2019 after sluggish pickup. Financial institution executives have said they discovered lessons from that program, including that the Rush trace resonated better than a recent name.

This story has been published from a wire company feed without changes to the text

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JPMorgan buys Nutmeg to bolster digital banking push in UK – Livemint