JP Morgan rumoured to be plotting secretive London fintech project

Josh Hall's picture

American banking giant JP Morgan is reportedly hiring talent for a secretive new project based in London.

TechCrunch reports that the company is recruiting full-stack and cloud specialist developers for a new company that the publication says will be run like a startup.

It's not clear what form the project will take, and the company is requiring prospective candidates to sign non-disclosure agreements.

But there is speculation that the venture could be a digital-first bank with a focus on savings, operating in the same space as existing British challengers such as Atom.

Meanwhile other sources told TechCrunch that JP Morgan could be planning a SaaS-style cloud banking platform, with the capacity to launch numerous distinct products.

London's so-called 'fintech miracle' has seen the city become a global hub for digital financial services businesses.

The city's leading fintech firms have secured amongst the largest venture capital investments anywhere in the world, including a deal in October that gave challenger bank Monzo a 'unicorn' valuation.

As previously reported, fintech job creation in the capital grew by 61 per cent between 2017 and 2018, making it the fastest-growing sector for new employment.

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