JPMorgan Chase has increased the percentage of ownership it holds in the Brazilian digital bank C6 from 40% to 46%. The investment’s terms were kept a secret.
JPMorgan made its initial investment in C6 in the middle of 2021 in an effort to enter one of the world’s largest retail banking markets, where high digital adoption has led to the emergence of several new market entrants, led by the enormous Nubank. The number of C6’s customers has increased from eight million to 25 million over the past two years, and the company’s total credit portfolio has reached R40 billion.
The lender has also expanded into new markets, such as auto financing and specialized services for clients with high incomes.