JPMorgan Chase Acquiring a Leading Travel and Loyalty Business

Rhea-AI Summary

JPMorgan Chase has agreed to acquire cxLoyalty Group Holdings' Global Loyalty business, which includes technology platforms, a travel agency, gift card, merchandise, and points bank services. This strategic move aims to enhance travel benefits for Chase customers, tapping into a growing demand for travel. The acquisition is expected to bolster Chase's Ultimate Rewards platform and provide an integrated travel journey for clients. cxLoyalty will continue to operate under its brand, led by CEO Todd Siegel, ensuring the existing client relationships remain intact.

Positive

• Acquisition of cxLoyalty's Global Loyalty business expands JPMorgan's travel benefits offerings.
• Enhanced customer experience anticipated for millions of Chase users through improved travel services.
• Strengthens Chase's Ultimate Rewards platform and global loyalty solutions.

Negative

• None.

JPMorgan Chase & Co. (NYSE: JPM) and cxLoyalty Group Holdings today announced they have signed an agreement for JPMorgan Chase to acquire the Global Loyalty business of cxLoyalty Group Holdings. The deal includes cxLoyalty’s leading technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses.

“This investment demonstrates our commitment to deliver exceptional travel benefits at-scale to our large and rapidly growing customer base. People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future. Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel,” said Marianne Lake, Chief Executive Officer of Consumer Lending at JPMorgan Chase.

cxLoyalty is a leading loyalty and technology solutions company with over 40 years of experience. Their expertise in designing, administering and fulfilling loyalty programs complements JPMorgan Chase’s reputation of providing customers with elevated and differentiated value. The deal is expected to accelerate the strong foundation built in loyalty, including for Chase’s Ultimate Rewards platform and cxLoyalty’s existing clients, to enable a more holistic, end-to-end customer travel journey for all customers. The cxLoyalty brand and existing client relationships will continue to be led by cxLoyalty Group CEO Todd Siegel.

“JPMorgan Chase is the right partner to further invest in our leading loyalty business,” said Todd Siegel, Chief Executive Officer of cxLoyalty. "This partnership allows us to strengthen and expand our technology solutions, rewards content and world class personalized customer experience for our Fortune 500 clients and their millions of customers, globally.”

Ms. Lake adds, “We welcome Todd and cxLoyalty to JPMorgan Chase, and look forward to creating more value for our shared customers and clients.”

JPMorgan Chase credit card customers will continue using Ultimate Rewards as usual and over time, will have access to enhanced travel experiences.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201228005218/en/

FAQ

What did JPMorgan Chase acquire from cxLoyalty Group?

JPMorgan Chase acquired cxLoyalty Group's Global Loyalty business, which includes various travel and loyalty service platforms.

When was the acquisition of cxLoyalty by JPM announced?

The acquisition agreement was announced on a recent date in the press release.

How will the cxLoyalty acquisition affect JPMorgan's customers?

The acquisition is expected to enhance travel experiences and loyalty offerings for JPMorgan Chase customers.

What is the strategic importance of the cxLoyalty acquisition for JPM?

This acquisition is aimed at delivering exceptional travel benefits and improving the customer journey for Chase clients.

Who will lead cxLoyalty after the acquisition by JPMorgan Chase?

Todd Siegel will continue to lead cxLoyalty Group following the acquisition.