C6 Bank

History

2021: JPMorgan Chase bought C6

At the end of June 2021, JPMorgan Chase acquired a 40% stake in the Brazilian digital bank C6, which marked its debut in retail banking in one of the Latin American markets.

C6 Bank is one of the fastest growing digital banks in Brazil, which has more than 1,600 employees and more than 7 million customers. Launched in 2019, the company offers a number of services for both consumers and small businesses, including regular and savings accounts, debit and credit cards, multi-currency global accounts, investment and credit products.

JPMorgan Chase acquired digital bank C6

Sanoke Viswanathan, CEO of JPMorgan Chase's international consumer division, noted that the company has long looked at the C6 Bank management team and their strategy:

Thanks to a convenient platform and an attractive set of services, they are able to maintain their growth trajectory and create a strong franchise. We hope to support C6 Bank and help it become a leader in the Brazilian banking market.

Brazil is one of the world's largest retail banking markets. Regulatory reform and infrastructure modernization led to increased competition, and consumers enthusiastically greeted digital technologies. Due to the use of mobile banking, more than 60% of banking operations in Brazil are carried out in digital format, and this share is steadily growing.

In July 2020, JPMorgan also acquired a minority stake in Brazilian fintech-startup FitBank. Founded in 2015, FitBank is the largest open banking structure in Brazil, which allows banks and fintech companies to offer their customers invoice payment, financial management, transfers and deposit services.^[1]

Notes