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JPMorgan preps early 2021 launch for UK digital bank - Sky

JPMorgan preps early 2021 launch for UK digital bank - Sky

American banking giant JPMorgan Chase is looking to launch its UK digital challenger in the first quarter of 2021, according to Sky News.

Rumours of JPMorgan's intention to launch a Chased-branded online lender in the UK have been circulating for a couple of years. Now a Q1 2021 target has been set, says Sky.

The US behemoth is understood to have signed on with Amazon Web Services for its cloud needs and 10x Future Technologies for its digital infrastructure.

JPMorgan was rumoured to be planning a sizeable equity investment in 10x, the fintech startup founded by former Barclays boss Antony Jenkins, back in 2019.

The bank will be following the lead of rival Goldman Sachs, which launched its Marcus brand in the UK in 2018 and now boasts over 500,000 customers. In June it closed its savings account to new customer after an influx of deposits during the Coronavirus pandemic.

JPMorgan's previous attempt at offering digital-only banking was short lived, with US mobile brand Finn lasting only a year before being shut down in June 2019.

In the UK it will be entering a crowded market, taking on digital challengers such as Monzo, Atom, Starling and Revolut, as well as the traditional high street giants.

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