JPMorgan Chase has entered into an agreement for a 40% ownership stake in Brazilian digital bank C6 Bank for an undisclosed sum.
Launched in 2019, C6 Bank has reportedly amassed more than 7 million customers on its digital platform.
C6 Bank offers a full suite of products including multi-currency checking and savings accounts, debit and credit cards, travel and loyalty programs, investment and lending products for individuals as well as banking and payments products for small businesses.
Brazil is one of the largest retail banking markets in the world where unprecedented 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.
JPMorgan Chase has had local presence in Brazil for nearly 60 years, offering expertise in Corporate and Investment Banking, Markets, Wholesale Payments, Private Banking and Asset Management.
The bank’s retail banking business, branded Chase, offers a broad range of consumer banking products in the U.S. and has more than 55 million digitally active customers.
“We’re excited to be partnering with one of Brazil’s fastest growing digital banks. 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.”
said Sanoke Viswanathan, CEO of International Consumer for JPMorgan Chase.
“Partnering with JPMorgan Chase, a global leader in financial services and a trusted name in retail banking, is a game-changer.
With their support, we will invest and scale our business in a way that continues to provide Brazilian customers with best-in-class digital banking products to help them accomplish their goals.”
said Marcelo Kalim, CEO and Co-Founder of C6 Bank.
This article first appeared on fintechnews.ch
Featured image credit: C6 Bank Facebook Page