Chase UK
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 2021 |
| Headquarters | London , United Kingdom |
Area served | United Kingdom |
| Parent | J.P. Morgan Europe Limited |
Chase is an online banking brand headquartered in the United Kingdom, functioning as a subsidiary of J.P. Morgan Europe Limited, part of J.P. Morgan's operations in the UK.
History
In January 2021, JPMorgan Chase declared its intention to enter the UK retail banking market through the Chase brand, marking its inaugural retail banking venture outside the United States. The initial suite of Chase banking products became available to UK customers in September 2021.
During 2022, Chase achieved recognition as the fastest expanding fintech application, outpacing rivals such as Starling and Monzo. By May 2023, the bank had grown its customer base to over 1.6 million individuals and amassed deposits totaling £15 billion.
In September 2023, Chase revealed plans to prohibit all cryptocurrency transactions starting from 16 October 2023, attributing this decision to concerns related to fraudulent activities.
Services
The Chase current account was introduced in September 2021, offering clients the ability to transfer and receive funds via Faster Payments. Since March 2022, customers have also been able to utilize direct debits for payments. Over the forthcoming three to four years, Chase intends to broaden its product portfolio to include savings and investment accounts, personal loans, and mortgage offerings. The bank launched a savings account in March 2022 and followed with a credit card product in November 2024.