JPMorgan Chase to buy credit card loyalty platform cxLoyalty
JPMorgan Chase is buying cxLoyalty, a major credit card loyalty platform, in a bid to enrich its own card loyalty programs when travel resumes after the global pandemic.
JPMorgan will gain a full-service travel agency plus the gift card, merchandise and points-bank operations of cxLoyalty Group Holdings, which will operate as a new Chase business unit, according to the companies’ press releases. Financial terms of the acquisition, which is expected to close imminently, were not disclosed.
The chief executive of the Stamford, Conn.-based cxLoyalty, Todd Siegal, will retain that title, reporting to Marianne Lake, JPMorgan's head of consumer lending. CNBC reported that JPMorgan is retaining 3,100 cxLoyalty Group employees.
Over time users of Chase’s Ultimate Rewards loyalty program will have access to enhanced travel experiences through cxLoyalty’s platform, JPMorgan’s release said.