JPMorgan Chase announced it has entered into an agreement to acquire U.K.’s digital wealth manager Nutmeg Saving and Investment Limited, subject to regulatory approval.

The acquisition will complement the digital bank that is planned for launch in the U.K. later this year under the Chase brand.

The bank intends to offer a range of products, launching at first with a new take on current accounts. The offering is currently being piloted in an internal testing phase, prior to public release.

Since it launched in 2012, Nutmeg has a customer base of over 140,000 investors, and amassing over £3.5 billion of assets under management (AUM) – a growth of 70% year on year.

Meanwhile, Chase is a leader in consumer banking in the United States and offers a wide range of banking products to more than 56 million digitally active customers.

Sanoke Viswanathan, CEO of International Consumer at JPMorgan Chase said,

“We are building Chase in the U.K. from scratch using the very latest technology and putting the customer’s experience at the heart of our offering, principles that Nutmeg shares with us.

 

We look forward to positioning their award winning products alongside our own, and continuing to support their innovative work in retail wealth management.”

Neil Alexander, CEO of Nutmeg said:

“Nutmeg’s customers can expect the same level of transparency, convenience and service that helped make us a leading digital wealth manager in the U.K.

 

I am truly impressed with the digital experience that Chase is building for the U.K., and this new chapter in our story will see Nutmeg’s customers benefit from a wider range of products and services in the future, and allow us to expand into new markets.”

Featured image: Edited from Unsplash