JPMorgan Chase has taken a 40% stake in Brazilian digital bank C6, marking its retail banking debut in one Latin America's most hotly contested markets.
C6 Bank is one of the fastest growing full-service digital banks in Brazil with more than 1,600 employees and more than seven million customers. Launched in 2019, the company offers a range of services for both consumers and small businesses, including checking and savings accounts, debit and credit cards, free toll tags, multi-currency global accounts, investments and lending products.
Sanoke Viswanathan, CEO of International Consumer for JPMorgan Chase. “We’ve admired C6 Bank, its management team and their strategy for some time. With an impressive platform and product suite, they are well-positioned to sustain their growth trajectory and build a strong franchise. We look forward to supporting C6 Bank in its aspiration to be a long-term winner in the Brazilian banking market.”
Brazil is one of the largest retail banking markets in the world. Regulatory reform and infrastructure modernisation has led to increased competition and consumers have shown a high rate of digital adoption. Driven mainly by mobile banking usage, more than 60% of banking transactions in Brazil are conducted digitally, a statistic that has risen steadily in recent years.
“It’s inspiring to bring our global capabilities and expertise to support a Brazilian digital bank as it takes its next leap forward,” says Daniel Darahem, senior country officer of Brazil for JPMorgan Chase. “We’re also pleased to be supporting the country’s efforts to advance and transform the consumer banking market.”
JPMorgan in July last year acquired a minority stake in Brazilian fintech startup FitBank. Founded in 2015, FitBank is the largest open banking outfit in Brazil, providing a white label platform that lets banks and fintechs offer bill payment, online treasury, banking, financial management, transfers and escrow services.