JP Morgan Chase is to close its mobile-only bank for Millennials, Finn, just a year after it was launched across the US.

The Wall Street Journal reported that Finn customers were told their funds were being transferred to other Chase accounts.

Finn launched last June after extensive testing with its target market and a trial in St Louis. It featured smart budgeting tools, autosaving features and the ability to use emojis to rate transactions and purchases bought using the app.

Sources quoted by WSJ said that the bank decided it was better placed to provide many of these features itself.

In response to questions on Twitter, it responded: "We've learned so much from Finn and our customers. Chase is a better bank because of Finn, and we're excited to bring the best of it to all our Chase customers."

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