Chase hits 1 million UK customers, reveals Nutmeg investments and credit cards are coming

Just 12 months after launching in September 2021, JP Morgan’s Chase neobank has reached 1 million customers in the UK.

Marking the milestone Sanjiv Somani, UK CEO of Chase and Nutmeg, revealed that Nutmeg’s investment offering will soon be “fully integrate[d]” with Chase now that its acquisition of the robo-advisor has now closed.

“We set out to offer customers good value banking products with a straightforward experience delivered through an easy to use app, and we’re excited that consumers have responded so positively to our offer in our first year,” said Somani.

“This is just the beginning and, as we broaden our product offering and fully integrate the investment products offered by Nutmeg, we look forward to playing a wider role in the financial lives of our customers in the future and supporting the communities we serve.”

Along with the sheer number of customers, Chase has also reached £10bn in customer deposits, has processed 92m card and payment transactions, and has an average savings account balance of £27,000.

For comparison, Starling Bank’s deposit base is £9bn while rival Monzo only has £4.4bn in deposits.

Other details teased by Somani today included that Chase is preparing to launch a credit card soon, as well as “new savings options” and “enhancements to the Chase current account”.

The figures are the first update since JP Morgan’s 2022 investor day in May when the bank revealed Chase had an already impressive 500,000 customers.