JP Morgan’s new foray into UK fintech 'Chase', and the build of its new digital banking platform, has been powered by collaboration with 10x Banking.
New neobank Chase has partnered with 10x Banking, to launch its entry into the UK retail banking market.
The brand, part of JP Morgan, aims to provide the most serious challenge yet to the likes of Monzo and Starling Bank, who between them have shaken incumbent banking giants by poaching millions of their customers in just a few years.
Chase partnered with the London-based cloud-native banking technology business 10x, founded in 2016 by Antony Jenkins, former Group CEO of Barclays to build out some core infrastructure.
Over the past two years, Chase has been stealthily working with 10x together to build out a digital banking platform “capable of delivering a seamless customer experience and differentiated product features,” according to a media statement.
During the pandemic 10x has hired over 100 people and raised $187m in a Series C funding round co-led by BlackRock and Canada Pension Plan Investment Board (CPP Investments).
Jenkins, CEO and founder of 10x Banking, said: “At 10x we are passionate about transforming banking. Chase’s entry into the UK retail banking market represents a significant moment for customers and the industry. We’re pleased to work jointly with Chase to deliver the modern and scalable banking platform that will help it realise its ambitions of becoming a major force in retail consumer banking.”
Sanjiv Somani, Chief Operating Officer at International Consumer, JPMorgan Chase’s retail consumer banking arm outside of the US, commented:
“As one of our foundational partners, 10x has been instrumental in building the technology platform. We chose 10x because we needed a modern scalable core banking platform built on micro-services and accessible via APIs, in order to drive rapid product development and to provide our customers with a world class experience.“
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