C6 Bank gets growth capital from JPMorgan deal
C6 Bank gets growth capital from JPMorgan deal Brazilian fintech plans to roll out more innovative products with money from the investment, partner says
M&AEquityTechnologyBrazilUnited States Brazilian financial technology firm C6 Bank has obtained funding for its expansion plans by selling a 40% stake to US bank JPMorgan Chase for an undisclosed amount, sources told LatinFinance on Tuesday. It is pretty clear that they need some capital to grow, said Marcel Campos, a financial analyst at local brokerage firm XP Investimentos.
According to Verena Fornetti, a partner at C6 Bank, the São Paulo-based fintech will use the investment to add to its portfolio of financial products and exp
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Brazil’s fintechs and digital challenger banks are making more ground than traditional firms with the central bank’s new payments system.
Data from the Brazilian central bank shows that the country’s fintechs and new digital banks won the early battle for clients registering with the new, instant and free payments system Pix.
Only 35% of the registrations during the first 10 days were from clients at the country’s incumbent banks. Nubank won a 24% market share alone.
Despite Pix being a free service, analysts say this was an important result for Nubank, as it shows progress in the bank’s greatest challenge: broadening from being a niche credit card player into a full-service platform with active current accounts.