JP Morgan Chase increases stake in Brazilian digital bank C6 to 46%
JPMorgan Chase & Co has strengthened its stake in C6 by 6% following the full-service Brazilian digital bank’s continued positive performance.
In a statement published on its website, C6 confirms that JPMorgan Chase now holds a 46% ownership stake. The two first came together in June 2021 when the US bank acquired an initial 40% stake.
At the time, Sanoke Viswanathan, CEO of international consumer for JPMorgan Chase, identified C6, which is headquartered in São Paulo, as “well-positioned to sustain their growth trajectory and build a strong franchise”.
Two years later, it appears that the digital bank has indeed sustained predications for its growth trajectory.
According to the latest reports, from 2021 to present, C6 has increased its client count from 8 million to 25 million, while its credit portfolio also increased from R$9.5 billion to R$40 billion during the same time.
Although aided by JPMorgan Chase’s initial stake, the digital bank’s growth has also been spurred by the launch of new products and services.
This month alone, C6 has introduced a fixed income option within its international investment platform, a home broker platform for dealing variable income assets, and consortium contracting options for its customers including real estate, land and vehicles, through its partnership with Servopa.
Although the value of both the initial and increased stake have not been disclosed, C6’s expanded partnership with JPMorgan Chase is forecast to enable its continued growth into the future.