US: Global investment bank and financial services company, JP Morgan, is putting together a full service travel business, which could make it the third largest travel agent in the world.
JP Morgan has bought a travel agent offering luxury trips, a booking system, and a restaurant review company. It has also built airport lounges for its customers to use on their travels, and the website will launch soon.
In February, it was reported that JP Morgan Chase had reached an agreement to buy Frosch luxury travel agency and it is expected that the bank’s new travel arm could benefit from a projected US$15 billion in bookings in 2025, which would put it as the third largest travel agency in the world, after Expedia and Booking.com.
JP Morgan’s credit cards already offer its customers travel rewards on the bank’s Ultimate Rewards booking site and with its partnerships with airlines 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 upscale short-term and extended stay accommodation options.
The idea is for JP Morgan to capture the entire spend of the trip from the moment a trip is booked, right thought the travel, the hotel or apartment and car hire, excursions and more.
JP Morgan has advised on a number of public market floats and investment rounds in the short-term rental and wider travel and hospitality spaces.