According to statements issued by both firms, JPMorgan Chase & Co (JPM.N) and C6 Bank have reached a deal that will see the US-based lender assuming ownership of a 40% equity stake in the latter, a Brazilian digital bank.
This latest investment marks a smooth entry for JPMorgan into the Brazilian retail banking market. The lender had previously focused only on its corporate lending and investment banking operations in the country.
JPMorgan first publicized its plans to enter into the retail banking market in January, indicating that it would be leveraging on digital options for that move, with Britain as the first market.
“We’re pleased to partner with C6 and support their growth in Brazil, which has become one of the world’s fastest-growing digital banking markets,” said Jamie Dimon, Chairman/CEO of JPMorgan Chase in a statement.
Launched by ex-partners of Banco BTG Pactual SA in 2019, C6 currently serves at least 7 million customers. The firm also hit a valuation of 11.3 billion reais (US$2.28bn) in December, after completing a funding round in which it raised 1.3 billion reais.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.