JPMorgan Chase has reportedly acquired a minority stake in FitBank, a Brazilian Fintech firm.
“We believe this investment from J.P. Morgan will speed up our development as a Banking as a Service platform, support our product expansion plan and allow us to scale up to serve our clients in current and future market needs such as PIX our Instant Payments platform in Brazil and Open Banking via our White Labeled Digital Wallets” highlights FitBank’s CEO, Otávio Farah.
The company entered into a strategic partnership to serve JP Morgan and its corporate clients. However, details of the investment were not disclosed. The money will be used to expand to new countries in Latin America.
“We’re excited to make our first strategic investment in Latin America, within the payments industry,” said Renata Vilanova Lobo, Head of Brazil Wholesale Payments, J.P. Morgan.
“We’re actively advising our clients on the best digital approach to help solve their payment needs and look forward to continuing that dialogue with our LATAM clients,” Renata added
“Fitbank can now accelerate its expansion of services to its core target clients as a Fintech facilitator in Brazil and in the near future, Latin America” adds FitBank’s Board Member, João Chacha.
