27 May 2022
Written By FinTech Alliance in Banking
JP Morgan Chase has announced that its entry into the UK retail market has added 500,000 customers.
In Brief:
Chase has received $10bn in customer deposits.
It launched in the UK eight months ago.
The bank intends to break even on this offering within five or six years.
What does this mean?
Chase has been concentrating on acquiring new customers in the UK market by offering a referral scheme and a competitive interest rate. It plans to add new features since acquiring UK FinTech Nutmeg.
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