Chase UK hits £15bn, reaches 1.6m customers

Chase UK CEO Sanjiv Somani says aim is to offer a “full suite of banking products”.

More than 1.6 million customers now bank with Chase in the UK.

Since launching just 20 months ago, Its customer numbers have rapidly grown, tripling in the last year.

The company also now holds £15bn ($19bn) in deposits — up from $10bn this time last year.

“We’re pleased that consumers have responded so positively to our offer and are increasingly using Chase for a broader range of their banking needs,” Chase UK CEO Sanjiv Somani said.

“Our intention is to offer a full suite of banking products over time – including fully integrating the Nutmeg investment products into the Chase app – creating a one-stop-shop for customers to spend, save, invest, or borrow, with Chase.”

Earlier this year Chase was listed as the fastest growing fintech app for 2022, with rivals Revolut and Monzo coming in second and third respectively.

JP Morgan’s consumer banking business is now processing more than 1 million transactions per day, and scooped up a number of awards at the 2023 British Bank Awards Best British Bank: Best British Bank, Best Current Account and Best Savings Account.