JPMorgan acquires a serious bank card rewards enterprise to wager that journey bills will get better over the following yr
JPMorgan Chase has agreed to acquire a former partner’s credit card rewards and travel transactions to bolster its loyalty program, CNBC has learned.
The bank agreed on Monday to acquire the technology platforms, travel agent, gift card and points business from cxLoyalty Group, a privately held company based in Stamford, Connecticut, according to a person with direct knowledge of the business.
JPMorgan is adding approximately half of the company’s 3,100 employees to the deal and will be building a new business within its retail division, reporting to Marianne Lake, director of consumer credit for the bank. The transaction will close this week, but the person declined to say how much the bank paid.
“People around the world want to vacation and travel again, and hopefully this will become a reality for many in the near future,” Lake said in a statement. “By taking over the travel and rewards business of cxLoyalty, our millions of Chase customers will have a better experience once they are ready, comfortable and safe to travel.”
JPMorgan had partnered with cxLoyalty for its popular credit card rewards program until the bank switched to Expedia in 2018.
Now, at some point, the bank will again be using cxLoyalty as a technology platform for their travel program, with an emphasis on personalized recommendations based on a user’s travel history.
This story evolves. Please try again.