JPMorgan Chase is reportedly testing a credit card product in the United Kingdom.
The bank has been working on the product for over a year and senior executives are now testing it within their mobile apps, Bloomberg reported Friday (Sept. 20), citing unnamed sources.
This effort comes at a time when JPMorgan is working to expand its offerings to consumers in the U.K., according to the report.
The bank has attracted about $20 billion pounds ($26.4 billion) in deposits since it started its retail bank in the U.K. in 2021, making it one of the biggest digital banks in the country, per the report.
Chase UK CEO Kuba Fast said in the report that the growth in deposits “is encouraging as we look to meet a broader set of customers’ financial needs across daily banking, savings, lending and investments.”
The credit card that is being tested will be added to JPMorgan’s U.K. app, joining investment products from its digital wealth manager Nutmeg, which has over 200,000 customers and is the largest investment platform in the country, according to the report.
JPMorgan will start out by offering credit cards in the U.K. that are more basic than those it offers in the United States, and then add more options over time, per the report.
It was reported in May 2022 that JPMorgan’s consumer bank Chase in Britain gained over half a million customers in the first eight months after its launch.
Chase in Britain is a digital venture, and the bank aimed to use Britain as a test region to debut digital consumer banking services outside of the U.S. It was also looking to diversify its revenue sources, including taking advantage of low-cost online channels to help it compete with local rivals and offering investments through the integration of Nutmeg.
JPMorgan’s acquisition of Nutmeg was announced in 2021, before the launch of its digital bank in the U.K. Neil Alexander, who was CEO of Nutmeg at the time, wrote in a blog post announcing the acquisition that Nutmeg “will form the bedrock of the bank’s retail digital wealth management offering internationally over the long term.”
