Established in 2019, the Brazilian full-service digital bank has more than 1,600 employees and more than seven million customers on its digital platform
JPM acquires 40% stake in C6 Bank. (Credit: Adam Radosavljevic from Pixabay.)
JPMorgan Chase has agreed to acquire a 40% ownership stake in C6 Bank, a Brazil-based full-service digital bank, for an undisclosed amount.
Formed in 2019, C6 Bank has more than 1,600 employees and more than seven million customers on its digital platform.
The bank provides a full suite of products, including multi-currency checking and savings accounts, debit and credit cards, travel and loyalty programmes.
Also, the firm offers investment and lending products for individuals, along with banking and payments products for small businesses.
The closing of the deal is subject to regulatory approvals.
C6 Bank CEO and co-founder Marcelo Kalim said: “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.”
JPMorgan Chase has been operating in Brazil for nearly six decades, providing corporate and investment banking, markets, wholesale payments, private banking and asset management services.
JPMorgan Chase’s retail banking business, branded Chase, offers a wide range of consumer banking products for more than 55 million digitally active customers in the US.
JPMorgan Chase international consumer CEO Sanoke Viswanathan said: “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.”
Earlier this month, JPMorgan Chase has announced its plans to acquire digital wealth manager Nutmeg to support the upcoming launch of its digital bank in the UK later this year.