WE: Global investment bank and financial services companyJP Morgan is building a full-service travel business that could make it the world’s third-largest travel agent.
JP Morgan bought a travel agency offering luxury travel, a reservation system and a restaurant review company. It has also built airport lounges for its customers to use while traveling, and the website will be launched soon.
In February, it was reported that JP Morgan Chase had reached a deal to buy luxury travel agency Frosch and it is expected that the bank’s new travel arm could benefit from an expected $15 billion in bookings by 2025, which would make it the third largest travel agency in the world, after Expedia and Booking.com.
JP Morgan’s credit cards already offer customers travel rewards on the bank’s Ultimate Rewards booking site and with its airline partnerships Southwest, United, Aer Lingus, British Airways and Iberia.
Its hotel card partners include IHG, Marriott, Hyatt and Disney. Even these brands cover a selection of well-known high-end accommodation options for both short-term and long-term stays.
The idea is that JP Morgan captures the entire trip spend from the moment a trip is booked, well thought out trip, hotel or apartment and car rental, excursions and more.
JP Morgan has advised on a number of public market floats and investments in short-term rentals and broader travel and hospitality spaces.