The financial terms of the transaction were not disclosed
JPMorgan Chase and C6 Bank have entered into a strategic agreement, whereby JPMorgan Chase will take a 40% ownership stake in the full-service Brazilian digital bank, subject to regulatory approvals.
Marcelo Kalim, CEO and co-founder of C6 Bank
Brazil is one of the largest retail banking markets in the world, according to the press release. Unprecedented regulatory reform and infrastructure modernization has led to increased competition and consumers have shown a high rate of digital adoption.
Driven mainly by mobile banking usage, more than 60% of banking transactions in Brazil are conducted digitally1 a statistic that has risen steadily in recent years.
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