FinTech: JPMorgan Chase Hikes Stake In Brazilian Digital Bank C6 To 46%

August 30, 2023 | FinTech, News

“The rapid growth in customers, products and balance sheet demonstrates the success of the C6 Bank approach.” – JPMorgan Chase.

JPMorgan Chase (NYSE: JPM) is set to increase its ownership in C6 Bank, a Brazilian bank, from 40% to 46%, pending regulatory approval. This move follows an initial investment announced in June 2021. No financial details of the latest investments were made available.

During this period, C6 Bank’s digital customer base surged from 8 million to 25 million, and its credit portfolio grew by R$9.5 billion to BRL 40 billion. (C6 Bank)

The bank introduced new offerings like vehicle finance and a personalized service model for high-income clients through Carbon Partner.

JPMorgan Chase sees this partnership as integral to its global digital banking strategy, according to Sanoke Viswanathan, head of strategy and growth.

The management structure of C6 Bank remains intact, and the banks intend to continue collaborating to provide superior services to customers. JPMorgan Chase has a 70-year history in Brazil, assisting clients across various domains.

Related Story:  Visa Pays $1B To Acquire Brazilian Payments Fintech Pismo

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