JPMorgan Chase is preparing to buy UK pensions tech firm WealthOS in a deal that will broaden the bank’s reach into later‑life wealth management and meet growing demand for digital retirement planning tools.

The acquisition, made for an undisclosed sum, would bring WealthOS’s SaaS platform to the US banking giant, which includes microservices covering wealth management and retirement features, and an integrated marketplace ecosystem. 

According to an internal memo seen by Reuters, JPMorgan’s head of pensions and wealth products, Edmund Cohen, confirmed that WealthOS’s teams in the UK and Sri Lanka, home to its product and engineering centre, will move to the bank following the acquisition.

The wealthtech, founded in 2019 and currently chaired by former Google exec John Herlihy, will widen JPMorgan’s retirement planning services for personal investing clients, and marks another step into the UK’s wealth management sector following the buyout of Nutmeg in 2021.

WealthOS, for its part, raised £4 million in 2023 across two funding rounds from Barclays, Capricorn Capital Partners, and individual fintech investors like John Donohoe, CEO of Carne Group, cash it intended for the firm to scale and develop its client pipeline.   

Recommended reading

• Wealth-tech FNZ Raises $650 Million in Fresh Capital
• Glasgow’s Iomart Revenues Jump by 25% Amid Azure Push
• IT Spending in Europe to Grow 11% in 2026

While details of the agreement with JP Morgan Chase remain scarce, WealthOS co-founder Chamat Arambewela shared the news on social media, calling the deal a “moment of real pride”.

“For a ~60-person wealthtech company built across London and Colombo, this is an incredible milestone,” wrote Arambewela.

“It’s a powerful validation of our platform and the standards we’ve held ourselves to, and it’s humbling to know our technology will now help power the wealth infrastructure stack within JPMC’s International Consumer Banking division.

“This is also a huge moment for our team in Sri Lanka — world-class engineering talent, operating at global scale, now part of one of the most respected financial institutions in the world.”