NEW YORK & SAO PAULO–(Organization WIRE)–JPMorgan Chase (NYSE: JPM) and C6 Bank declared today that they have entered into a strategic settlement, whereby JPMorgan Chase will choose a 40% ownership stake in the total-assistance Brazilian digital bank, issue to regulatory approvals. Fiscal phrases of the transaction had been not disclosed.
“We’re fired up to be partnering with just one of Brazil’s swiftest increasing digital banking companies,” stated Sanoke Viswanathan, CEO of Global Buyer for JPMorgan Chase. “We’ve admired C6 Financial institution, its management crew and their strategy for some time. With an outstanding platform and solution suite, they are very well-positioned to maintain their expansion trajectory and establish a sturdy franchise. We look forward to supporting C6 Bank in its aspiration to be a lengthy-time period winner in the Brazilian banking market place.”
Launched in 2019, C6 Bank has amassed a lot more than 7 million shoppers on its digital platform. Positioned as an aspirational brand, C6 Bank provides a comprehensive suite of items which includes multi-forex checking and discounts accounts, debit and credit score cards, journey and loyalty courses, financial investment and lending solutions for folks as well as banking and payments merchandise for little businesses.
“Partnering with JPMorgan Chase, a world-wide leader in economic solutions and a dependable identify in retail banking, is a video game-changer,” reported Marcelo Kalim, CEO and co-founder of C6 Lender. “With their guidance, we will invest and scale our organization in a way that continues to supply Brazilian prospects with greatest-in-class digital banking products to aid them achieve their targets.”
Brazil is one of the biggest retail banking markets in the earth. Unprecedented regulatory reform and infrastructure modernization has led to increased competition and customers have proven a large price of electronic adoption. Driven predominantly by mobile banking usage, a lot more than 60% of banking transactions in Brazil are performed digitally1, a statistic that has risen steadily in recent yrs.
“It’s inspiring to deliver our world wide abilities and knowledge to support a Brazilian digital bank as it will take its next leap forward,” mentioned Daniel Darahem, Senior Country Officer of Brazil for JPMorgan Chase. “We’re also happy to be supporting the country’s efforts to advance and remodel the client banking market place.”
JPMorgan Chase has had area presence in Brazil for practically 60 several years, presenting skills in Company and Expenditure Banking, Marketplaces, Wholesale Payments, Private Banking and Asset Administration. The bank’s retail banking enterprise, branded Chase, provides a broad selection of shopper banking goods in the U.S. and has additional than 55 million digitally active prospects.
About C6 Financial institution
C6 Financial institution is 1 of the speediest escalating total-assistance digital financial institutions in Brazil with much more than 1,600 staff and much more than 7 million consumers. Launched in 2019, the organization provides a assortment of expert services, like examining and discounts accounts, debit and credit history playing cards, free toll tags, multi-forex worldwide accounts, investments and lending items. C6 Financial institution serves men and women as nicely as tiny and midsize corporations and has accounts opened in all of Brazil’s 5,570 municipalities. Extra info is readily available at: www.c6financial institution.com.br/
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a top global financial expert services organization with assets of $3.7 trillion and operations throughout the world. The Firm is a leader in expense banking, fiscal solutions for customers and small corporations, professional banking, fiscal transaction processing, and asset management. A element of the Dow Jones Industrial Ordinary, JPMorgan Chase & Co. serves thousands and thousands of buyers in the United States and numerous of the world’s most prominent company, institutional and governing administration clients less than its J.P. Morgan and Chase manufacturers. Data about JPMorgan Chase & Co. is obtainable at www.jpmorganchase.com.
1 Source: Febraban Banking Technologies Study 2021