NEW YORK & SAO PAULO--(BUSINESS WIRE)--JPMorgan Chase (NYSE: JPM) and C6 Bank announced today that they have entered into a strategic agreement, whereby JPMorgan Chase will take a 40% ownership stake in the full-service Brazilian digital bank, subject to regulatory approvals. Financial terms of the transaction were not disclosed.
“We’re excited to be partnering with one of Brazil’s fastest growing digital banks,” said Sanoke Viswanathan, CEO of International Consumer for JPMorgan Chase. “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.”
Launched in 2019, C6 Bank has amassed more than 7 million customers on its digital platform. Positioned as an aspirational brand, C6 Bank offers a full suite of products including multi-currency checking and savings accounts, debit and credit cards, travel and loyalty programs, investment and lending products for individuals as well as banking and payments products for small businesses.
“Partnering with JPMorgan Chase, a global leader in financial services and a trusted name in retail banking, is a game-changer,” said Marcelo Kalim, CEO and co-founder of C6 Bank. “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.”
Brazil is one of the largest retail banking markets in the world. Unprecedented regulatory reform and infrastructure modernization has led to increased competition and consumers have shown a high rate of digital adoption. Driven mainly by mobile banking usage, more than 60% of banking transactions in Brazil are conducted digitally1, a statistic that has risen steadily in recent years.
“It’s inspiring to bring our global capabilities and expertise to support a Brazilian digital bank as it takes its next leap forward,” said Daniel Darahem, Senior Country Officer of Brazil for JPMorgan Chase. “We’re also pleased to be supporting the country’s efforts to advance and transform the consumer banking market.”
JPMorgan Chase has had local presence in Brazil for nearly 60 years, offering expertise in Corporate and Investment Banking, Markets, Wholesale Payments, Private Banking and Asset Management. The bank’s retail banking business, branded Chase, offers a broad range of consumer banking products in the U.S. and has more than 55 million digitally active customers.
About C6 Bank
C6 Bank is one of the fastest growing full-service digital banks in Brazil with more than 1,600 employees and more than 7 million customers. Launched in 2019, the company offers a range of services, including checking and savings accounts, debit and credit cards, free toll tags, multi-currency global accounts, investments and lending products. C6 Bank serves individuals as well as small and midsize businesses and has accounts opened in all of Brazil’s 5,570 municipalities. Additional information is available at: www.c6bank.com.br/
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
1 Source: Febraban Banking Technology Survey 2021