The bank agreed Monday to acquire the technology platforms, travel agency, gift card and points businesses of cxLoyalty Group, a privately-held Stamford, Connecticut-based companyююю
JPMorgan is taking about half of the company’s 3,100 employees in the transaction and will create a new business within its retail division reporting to Marianne Lake, head of the bank’s consumer lending business…
The rewards company serves many of the biggest U.S. card companies, including Citigroup, Capital One and Mastercard. Overall, cxLoyalty Group says it has 3,000 clients and marketing partners that serve 70 million consumers.
[Lake:] “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.”
JPMorgan had partnered with cxLoyalty for its popular credit card rewards program until 2018, when the bank switched to using Expedia. Now, the bank will eventually return to using cxLoyalty as the tech platform underpinning its travel program, with an emphasis on giving personalized recommendations based on users’ travel history.