JPMorgan Chase is shutting down Finn, the mobile-only banking offshoot aimed at millennials, just a year after its nationwide launch.
As first reported by the Wall Street Journal, on Wednesday the banking giant began telling Finn customers that their funds are being transferred to other Chase accounts.
JPMorgan designed mobile-only Finn by working closely with millennials for more than a year to understand their unique money challenges and what influences their spending. It launched nationwide last June following a trial in St Louis.
Finn came complete with a set of smart budgeting tools, autosaving features and the ability to use emojis to rate transactions and purchases bought using the app.
JPMorgan Chase is one of several established lenders to launch a standalone mobile offering in an effort to win over younger customers and fend off the challenge of digital upstarts.
But the bank has now decided that Chase is better suited to provide Finn's services itself, sources tell the WSJ.