JPMorgan increases stake in Brazilian digital bank

JPMorgan increases stake in Brazilian digital bank

Terrific Thursday FinTech Fanatic,

Walmart-owned Indian payments firm PhonePe has announced its foray into the stock broking arena with the launch of stock broking platform Share.Market.

The platform offers a range of investments options, such as stocks for both intraday trading and long-term holdings, along with mutual funds, exchange-traded funds (ETFs), and WealthBaskets.

Getting into stock and mutual fund investment is the latest in a series of expansion by the Bengaluru-headquartered unicorn, as PhonePe looks to leverage its 450 million-plus user base to win new categories.

JPMorgan increases stake in Brazilian digital bank

Let’s move from APAC to LatAm, as JPMorgan Chase & Co announced it has increased its stake in Brazilian digital bank C6 to 46%.

The banks said C6 had expanded its number of clients to 25 million from 8 million since June 2021, when JPMorgan bought its initial stake of 40%. Besides that, C6 has also expanded its product range with products such as auto loans.

According to Sanoke Viswanathan, JPMorgan's CEO of international consumer banking, the investment in C6 Bank was an important part of the lender's global strategy. No financial specifics about the deal have been disclosed.

Thanks for reading this far and now let’s move on to the other FinTech news!


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