JPMorgan Chase has announced it will buy Nutmeg, a FinTech that helps consumers invest their money.
The bank intends to launch a digital bank in the UK later this year.
Nutmeg will reportedly form the basis of the bank’s wealth management offering.
Currently, Nutmeg has about 140,000 customers and £3.5bn assets under management.
What does this mean?
Chase will launch as a digital bank in the UK later this year – but Nutmeg will not just be offered to UK customers as a wealth management solution, being added to the bank’s international offering too.