By Oliver Smith on Wednesday 22 September 2021
JP Morgan plans to replace Chase’s entire US retail banking core systems.
JP Morgan has selected UK fintech Thought Machine to overhaul its core banking systems across the banking giant’s entire US retail network.
The partnership will see JP Morgan’s Chase retail bank moved onto Thought Machine’s Vault platform in the US.
AltFi understands Thought Machine is also doing some work for JP Morgan on the 'rewards' programme for the recent launch of Chase in the UK.
It’s another big client win for Thought Machine, which in the last few months has provided the core banking for Standard Chartered launching its digital bank Mox in Hong Kong, and Sweden’s SEB launching UNQUO—a banking service for SMEs and entrepreneurs.
“JPMorgan Chase represents one of the most ambitious, powerful financial institutions in the world—and our joint work signals to the finance industry that cloud native core banking technology is the future for financial services,” said Thought Machine CEO and founder Paul Taylor.
“We are delighted to be working with JPMorgan Chase on this project, delivering modern core technology to the bank, and powering the next generation of financial services in North America.”
Thought Machine is said to be close to closing a £150m funding round led by Nyca Partners, according to Sky News.
Earlier this month the fintech spun off its creative studio, Cauldron, as a standalone video games development company with backing from Draper Esprit and Backed.
Last year Thought Machine raised $125m, despite the pandemic, and dramatically accelerated its hiring with plans for an extra 150 employees.
Thought Machine now has a North America HQ in New York, its EMEA HQ in London and an APAC HQ in Singapore.
UPDATE 24-09-2021 - Clarified that Thought Machine is working on the 'rewards' programme of Chase's UK launch.
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