Chase UK is targeting profitability by 2025 as it looks to establish itself as a key player in British finance, according to the digital bank’s managing director.
The JP Morgan-owned digital bank launched in the UK in 2021 and amassed more than one million users in its first year.
Ready to cement its position as a “major player” in the crowded UK banking sector, Chase UK’s managing director, Shaun Port, told PA Media the company has been growing rapidly and is on the path to profitability.
“We believe that we can bring the UK business to profitability in 2025,” Port said. “We want to be a major player in the UK banking scene, and to do that, we obviously need to make banking with Chase compelling.”
Becoming profitable in just four years is a difficult feat for a challenger bank, even one backed by one of the world’s largest financial institutions.
Monzo achieved its first month of profit six years after it was granted a banking licence. Starling Bank took six years to report its first full year of profit, while Atom Bank posted its first annual operating profit eight years after being licensed.
Port said starting Chase UK as a digital bank distinct from the operations of its parent company allowed it to approach the early stages with a greater focus on cutting-edge tech rather than having to update legacy banking systems.
Last year, Chase UK announced it was preparing to launch a credit card product in the near future.