JPMorgan to buy third-party loyalty program unit of cxLoyalty
- "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."
JPMorgan Chase & Co said on Monday it would buy the global loyalty division of cxLoyalty Group Holdings Inc, a third-party credit card loyalty program service provider.
The transaction, whose financial terms were not disclosed, will see the Wall Street bank integrate cxLoyalty's technology platforms, full service travel agency, gift card, merchandise, and points bank businesses into its Chase cards program.
"People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future," Marianne Lake, head of JPMorgan's consumer lending business, said in a statement.
"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."
Just under half of cxLoyalty's employees, including Chief Executive Officer Todd Siegel, will move to join J.P. Morgan, said Amy Bonitatibus, JP Morgan's chief communications officer. Stamford-Connecticut based cxLoyalty has a total of 3,100 employees.
A CNBC report said that this was JP Morgan's second tryst with cxLoyalty after partnering with it for its credit-card reward program until 2018, before switching to Expedia.
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