JPMorgan Chase & Co. is launching a new business that will allow marketers and advertisers to target customers based on their spending data.

To do this, the banking giant will provide the company with data it has collected from 80 million customers.

The new company, called Chase Media Solutions, aims to be "a key channel for brands, connecting them with consumers' personal passions and interests."

Rich Muhlstock, president of the new company, said:

"Like retailers, we have first-party data and dedicated audiences. But what sets us apart is our unparalleled scale and insights from our customers – long a trusted guide to their financial decisions. Chase spans brands, merchants and shopping verticals to provide a comprehensive view of purchasing behavior; this increases personalization and helps brands deliver offers that excite consumers."

The new company can use the transaction data that Chase claims to have to help brands and agencies "precisely target customers based on their purchase history," including new customers, lapsed customers or loyal customers.

According to a press release, Chase worked on a pilot program with several major companies, including Air Canada, Solo Stove, Blue Bottle and Whataburger, all of which saw "significant progress" and customer growth.

The new venture stems from JPMorgan Chase & Co.’s 2022 acquisition of credit card affiliate marketing platform Figg.

Chase said the formation of the new company was a natural step in achieving its vision of delivering "win-win value" to both commercial and banking customers.