New York and Sao Paulo, June 28, 2021 – JPMorgan Chase (NYSE: JPM) has officially announced a strategic alliance with C6 Bank, a rapidly expanding Brazilian digital bank. This significant move involves JPMorgan Chase acquiring a 40% ownership stake in C6 Bank, pending regulatory approvals. The financial details of this investment remain undisclosed.
Sanoke Viswanathan, CEO of International Consumer for JPMorgan Chase, conveyed enthusiasm about this new partnership. He stated, “We’re thrilled to join forces with C6 Bank, one of Brazil’s most dynamic digital banks. We have been consistently impressed by C6 Bank, its leadership, and their strategic vision. Their robust platform and diverse product range position them ideally for sustained growth and establishing a strong presence in the Brazilian market. We are eager to support C6 Bank in their ambition to become a leading player in Brazilian banking for the long term.”
C6 Bank, since its inception in 2019, has rapidly grown its customer base to over 7 million users on its innovative digital platform. Marketed as a brand that embodies aspiration and forward-thinking, C6 Bank delivers a comprehensive suite of financial products. These include versatile multi-currency accounts, a range of debit and credit card options, attractive travel and loyalty programs, and diverse investment and lending solutions tailored for individuals. Furthermore, C6 Bank extends its services to small businesses, offering specialized banking and payment solutions.
Marcelo Kalim, CEO and co-founder of C6 Bank, highlighted the transformative nature of this partnership. “Teaming up with JPMorgan Chase, a global leader in financial services and a respected name in retail banking, is a game-changer for C6 Bank,” Kalim remarked. “With their backing, we are set to significantly invest in and scale our operations. This will enable us to continue delivering exceptional digital banking products to our Brazilian customers, empowering them to achieve their financial aspirations.”
Brazil stands out as one of the world’s largest and most promising retail banking markets. Recent regulatory reforms and modernization of financial infrastructure have fostered increased competition, while Brazilian consumers have shown remarkable adaptability in embracing digital solutions. Fueled primarily by the widespread adoption of mobile banking, over 60% of banking transactions in Brazil are now conducted digitally1. This figure underscores a significant and consistent upward trend in digital banking adoption within the country.
Daniel Darahem, Senior Country Officer of Brazil for JPMorgan Chase, emphasized the strategic importance of this alliance for Brazil’s financial sector. “It is inspiring to leverage our global capabilities and extensive expertise to support a leading Brazilian digital bank as it embarks on its next phase of growth,” said Darahem. “We are also proud to contribute to Brazil’s ongoing efforts to modernize and transform its consumer banking landscape.”
JPMorgan Chase has maintained a strong local presence in Brazil for almost six decades, providing deep expertise across Corporate and Investment Banking, Markets, Wholesale Payments, Private Banking, and Asset Management. JPMorgan Chase’s retail banking arm, known as Chase, boasts a wide array of consumer banking products in the U.S. and serves over 55 million digitally active customers.
About C6 Bank
C6 Bank is recognized as one of the fastest-growing full-service digital banks in Brazil. With a workforce exceeding 1,600 employees and a customer base of over 7 million, C6 Bank, launched in 2019, offers a broad spectrum of financial services. These include checking and savings accounts, debit and credit cards, complimentary toll tags, multi-currency global accounts, and various investment and lending products. C6 Bank caters to both individual customers and small to medium-sized businesses and has established a presence with accounts opened in every one of Brazil’s 5,570 municipalities. More detailed information is available at: www.c6bank.com.br/
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a global leader in financial services with assets valued at $3.7 trillion and operations spanning across the globe. The firm holds leading positions in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. As a component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of clients in the United States and numerous prominent corporate, institutional, and government clients worldwide under its esteemed J.P. Morgan and Chase brands. Comprehensive information about JPMorgan Chase & Co. can be accessed at www.jpmorganchase.com.
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