Chase to integrate Nutmeg's investment features

Tuesday 10 January 2023 12:18 CET | News

JP Morgan’s UK banking arm Chase has overhauled its app with a new design that lays the groundwork for its push into the investment space.

The new app’s ‘Save & Invest’, which at the moment is just Chase’s savings account and roundups, also has a tile dedicated to Nutmeg, the robo-investment platform that JP Morgan acquired in 2021.

JP Morgan’s UK banking arm Chase overhaules its app with a new design that lays the groundwork for its push into the investment space.

The tile announces that investments from Nutmeg are coming soon, with users being able to sign up or link their existing Nutmeg account and see their investment pots there. In an email to customers, Chase also explained that the feature is ‘coming soon’, although no precise timeframe was given. Given the prominent placement of Nutmeg now within the Chase app, it’s likely that full integration is planned for early 2023.

Nutmeg offers an extensive range of investment offerings, including ISAs (Junior, Lifetime, Stocks, and shares), general investment accounts and pensions. It launched in 2012 and now has 140,000 investors and GBP 3.5 billion of assets under management (AUM). This figure has accelerated since 2020, the firm says, with a growth of 70% year on year.

Chase’s other developments

In January 2022, Chase and Instacart, an online grocery and delivery platform in North America have announced the launch of Instacart’s first credit card, alongside Mastercard. Mastercard provides the payments network, while the Instacart credit card will offer accelerated points on in-store purchases, as well as other perks and rewards.

In March 2022, Chase became one of the main investors for the blockchain-based intelligence company TRM Labs. TRM Labs offers blockchain intelligence to help traditional financial institutions and crypto-focused businesses to analyse and manage crypto fraud and crime.

The same month, JP Morgan’s digital bank Chase launched a new savings account. Chase offers a variable interest rate of 1.5%, more than double the rate offered by similar online banks. Deposits re capped at USD 329,980 and no fees or charges applies to move money out.

Chase is a consumer and commercial banking business with assets of USD 3.8 trillion and operations worldwide. Chase serves more than 66 million American households and 5 million small businesses with financial services such as personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and payment processing.

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Keywords: partnership, investment, product upgrade, crypto, digitalisation
Categories: Banking & Fintech
Companies: Chase, JP Morgan
Countries: United Kingdom
This article is part of category

Banking & Fintech



JP Morgan

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