JPMorgan Chase takes 40% ownership stake in C6 Bank to transform the financial lives of Brazilians

By Pavithra R

JPMorgan Chase and C6 Bank have announced entering 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.

Launched in 2019, C6 Bank has amassed more than 7 mn customers on its digital platform. Positioned as an aspirational brand, C6 Bank offers a complete suite of products, including multi-currency checking and savings accounts, travel and loyalty programs, debit and credit cards, investment and lending products for individuals, as well as banking and payments products for small businesses.

“We’re excited to be partnering with one of Brazil’s fastest growing digital banks. 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,” said Sanoke Viswanathan, CEO of International Consumer for JPMorgan Chase.

Brazil is one of the largest retail banking markets in the world. Unprecedented regulatory reform and infrastructure modernization has led to escalated competition, and consumers have shown a high rate of digital adoption. JPMorgan Chase has had a local presence in Brazil for nearly 6 decades, offering expertise in Corporate and Investment Banking, Wholesale Payments, Markets, Private Banking and Asset Management. 

Both the FIs will work together to transform the financial lives of Brazilians. JPMorgan Chase strategic investment in the bank creates a partnership that will boost C6’s growth and complements Chase’s international consumer strategy.

“Partnering with JPMorgan Chase, a global leader in financial services and a trusted name in retail banking, is a game-changer. 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,” said Marcelo Kalim, CEO and co-founder of C6 Bank.