The AltFi Weekly Newsletter

EDITOR'S NOTE

The Chase is on

A ‘new challenger bank launches’ headline might not have the same cachet it once did—in the last 12 months alone, we’ve seen a handful of upstart banks launched, including Monument, Pennyworth and W1tty.

But this week, the story is a little bit different.

The arrival of Chase tomorrow, a mobile-first bank from $470bn investment banking giant JP Morgan, is sure to cause a stir.

Probably not because of its features or functionality. AltFi understands that Chase will initially launch with just a current account, a “rewards programme”, and 24/7 customer support—table stakes for a challenger bank in 2021.

More advanced financial products like savings accounts and loans are said to be coming… but won’t be ready for launch.

No, the reason why fintechs and incumbents (and journalists) alike are paying attention is because of Chase’s deep-pocketed backer.

JP Morgan insists that its launch is a long-term bet on the future of digital banking in the UK, and comes along with its c.$1bn acquisition of UK wealth manager Nutmeg.

“We're patient; we’ll get there,” Sanoke Viswanathan, CEO of JP Morgan’s international consumer division (pictured), told This Is Money yesterday. “We are launching a bank that is going to be around for a long time in the UK. We're not taking this lightly.”

Speaking to the Financial Times Viswanathan added that the US bank is committing “hundreds of millions” to its new UK venture.

A bold claim, but it’s not the first time we’ve heard financial giants promise long-term commitments to their recently-launched challenger brands…

By O liver Smith
Managing Editor, AltFi

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STORY OF THE WEEK

Investec leads first close of Monese’s Series C

Monese has raised around $90m in its latest funding push, taking its total raised to $162m.

SPECIAL REPORTS

AltFi's Alternative Lending State Of The Market Report 2021
This year our landmark report examines the impact of Covid-19 on the UK, European and US alternative lending markets, how Government-backed lending schemes have both helped and hindered lenders, and where new technologies like open banking and embedded finance are starting to take off.
Download your free copy now 📃

UPCOMING EVENTS

AltFi Open Banking Forum 2021 📱
6 October 2021 | 13:00-17:00 UK Time
Virtual Event
AltFi’s Open Banking Forum will delve into four critical open banking topics with a series of afternoon discussions centred around the theme of seizing the $400bn global open banking opportunity.
Register for free now 🎫

Digital Banking: What is the State of the Market? 💳
14 October 2021 | 11:00 (UK Time)
A special webinar to explore AltFi's Digital Banking State of the Market Report 2021.
Register for free now 🎫

Curve Credit - Here to shake up the market 💥
21 October 2021 | 11:00 (UK Time)
Curve’s new unique credit product will enable customers to pay later on any purchase through instalments, even past transactions. This unique solution gives the customer easy management of finances in one superapp, financial flexibility and transparency.
Register for free now 🎫

AltFi Lending Forum 2021 💸
4 November 2021 | 10:00-16:00 UK Time
Face-to-Face Event | etc.venues Bishopsgate
Despite a tempestuous period during the pandemic, the alternative finance, fintech lending and digital banking space is more robust than ever. The sector has made it through its first major economic crisis while proving itself as an important part of the broader economy. Exciting lending innovation is also alive and well in the form of open banking, embedded finance, Buy-Now-Pay-Later and digital identity.
Register for free now - Spaces are limited! 🎫

ON-DEMAND EVENTS

Where Open Banking and Buy Now, Pay Later meet 🤑
2 September 2021 | On-demand
Bringing together experts from the soon-to-be-regulated Buy Now Pay Later and Open Banking sectors, we took a look at the incoming regulation, its likely effect, and the role that Open Banking can play in maintaining seamless experiences while remaining compliant.
Watch on-demand now 📺

AltFi Digital Wealth Forum 2021 💰
14 July 2021, On-demand
AltFi’s inaugural Digital Wealth Forum will delve into four key topics with a series of afternoon discussions; all centred around the theme of accelerating change in the wealth management, savings and investment sectors.
Watch on-demand now 📺

Alternative Lending: What is the State of the Market? 💳
8 July 2021, On-demand
A special webinar to explore the themes of AltFi's Alternative Lending State of the Market Report 2021, including SME lending over the past year, embedded finance, the US lending market and much more.
Watch on-demand now 📺

Want more webinars? Check out AltFi's webinar archive here.