Chase UK
“Can a US megabank build a native cloud-core digital retail bank in the UK and then port that stack back to its home market?”
Founded2021
HQLondon, UK (25 Bank Street, Canary Wharf)
IndustryFintech / Consumer banking
The story
Chase UK is JPMorgan's greenfield digital retail bank in the UK, launched in 2021 as the first Chase-branded consumer bank outside North America. It runs on a modern cloud-native core (Thought Machine Vault) rather than legacy JPMorgan systems, and has been used as the proving ground for the core platform JPMorgan is now migrating its US retail bank onto. Product scope has expanded from current/savings accounts and debit to credit cards and investing (via Nutmeg).
Last 12 months
—
Product timeline
2021
Chase UK launches as JPMorgan's digital retail bank, first consumer-facing Chase brand outside the US.· banking
2021
Selects Thought Machine's Vault as its core banking platform.· banking
2023
Acquires Nutmeg (2021) and integrates J.P. Morgan Personal Investing into the Chase UK app.· acquisition
Acquisitions
Regulated entities
1
regulatory licence held by Chase UK
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
8 layers disclosed in Chase UK’s embedded-finance stack
Payments / PSP
Chase (in-house)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
Investing
in the full report
Accounting gap: none
14 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.