JPMorgan Chase, a US-based banking institution, has acquired WealthOS, a British pensions technology company. The acquisition aims to enhance JPMorgan's retirement planning services for its personal investing clients.
Acquisition Details
- WealthOS, founded in 2019, operates as a wealth management software business.
- The company maintains a workforce in both the UK and Sri Lanka, where its product and software engineering center is located.
- JPMorgan Chase's personal investing division, previously known as Nutmeg, announced the deal internally.
- The financial terms of the acquisition were not disclosed.
JPMorgan's UK Expansion
- JPMorgan has expanded its presence in the UK's personal banking and wealth management sectors in recent years.
- In 2021, the bank launched a digital savings bank under the Chase brand.
- JPMorgan also acquired Nutmeg in the same year, for an estimated £700 million.
- Nutmeg, now known as JP Morgan Personal Investing, serves approximately 275,000 customers in the UK.
- An internal memo indicated that the WealthOS acquisition will provide "access to cutting-edge technology and deep sector expertise."
- JPMorgan declined to provide a comment regarding the acquisition.