JPMorgan Chase and C6 Bank announced that they have entered into a strategic agreement, whereby JPMorgan Chase will take a 40% ownership stake in the full-service Brazilian digital bank.
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.
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.
Sanoke Viswanathan, CEO of International Consumer for JPMorgan Chase, said:
“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.”
Marcelo Kalim, CEO and co-founder of C6 Bank, said:
“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.”
Daniel Darahem, Senior Country Officer of Brazil for JPMorgan Chase, said:
“It’s inspiring to bring our global capabilities and expertise to support a Brazilian digital bank as it takes its next leap forward. We’re also pleased to be supporting the country’s efforts to advance and transform the consumer banking market.”
