JPMorgan Chase has increased its stake in Brazilian digital bank C6 from 40% to 46%. Terms of the investment were not disclosed.
JPMorgan first bought into C6 in mid-2021, seeking to tap into one of the largest retail banking markets in the world where high digital adoption has seen the emergence of a number of new market entrants, led by the huge Nubank.
In the last two years, C6 has seen its customer base rise from eight million to 25 million and its total credit portfolio grow to R40 billion.
The lender has also moved into new areas such as vehicle finance and personalised services for high-income customers.
"Our strategic investment in C6 Bank is an important part of JPMorgan Chase's global digital banking strategy," says Sanoke Viswanathan, head, strategy and growth, JPMorgan Chase.
Marcelo Kalim, CEO, C6 Bank, adds: “The two banks have already been working together to develop new products. We will increasingly work together to bring benefits to our customers.”