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US banking giant JPMorgan acquired UK wealth management app Nutmeg as it plans to enter the UK retail market -- an already crowded retail market between high street incumbents and challenger banks. Nutmeg has over 140k customers and $4.8b+ AUM. Though undisclosed, the acquisition price was rumored to be c. $700m.
"We are building Chase in the UK from scratch using the very latest technology and putting the customer's experience at the heart of our offering, principles that Nutmeg shares with us," said Sanoke Viswanathan, CEO of international consumer at JPMorgan Chase.
https://www.reuters.com/technology/jpmorgan-chase-buys-uk-robo-adviser-nutmeg-2021-06-17/
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