The agreement includes cxLoyalty’s technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses.
Marianne Lake, Chief Executive Officer of Consumer Lending at JPMorgan Chase, commented: “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.
“We welcome Todd and cxLoyalty to JPMorgan Chase, and look forward to creating more value for our shared customers and clients.”
The acquisition will see JPMorgan Chase credit card customers continue using Ultimate Rewards as usual and over time, will have access to enhanced travel experiences.
“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 personalised customer experience for our Fortune 500 clients and their millions of customers, globally.”