JP Morgan Chase acquires 40% stake in Brazil’s digital challenger C6 Bank
JP Morgan Chase has announced it will take a 40% ownership stake in the full-service Brazilian digital bank C6 Bank.
C6 claims to have more than seven million customers on its digital platform
The US banking giant says the firms have entered a strategic agreement to help accelerate C6’s growth across the region.
Financial terms of the transaction have not been disclosed.
Sanoke Viswanathan, CEO of international consumer for JP Morgan Chase, describes C6 Bank as “one of Brazil’s fastest growing banks”.
“We’ve admired C6 Bank, its management team and their strategy for some time. We look forward to supporting C6 Bank in its aspiration to be a long-term winner in the Brazilian banking market.”
Launched in 2019, C6 Bank currently boasts more than seven million customers on its digital platform.
The neobank offers a full suite of products including multi-currency checking and savings accounts, debit and credit cards and investment and lending products for individuals as well as banking and payments products for small businesses.
“Partnering with JP Morgan Chase, a global leader in financial services and a trusted name in retail banking, is a game-changer,” says Marcelo Kalim, CEO and co-founder of C6 Bank.
“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.”
Brazil is one of the largest retail banking markets in the world and consumers have shown a high rate of digital adoption, leading to increased competition in the digital banking space.
Earlier this month, Brazilian digital bank Nubank announced its plans to expand across South America having raised $500 million from Warren Buffet’s Berkshire Hathaway firm, part of a $750 million extension to its Series G funding round.
