JPMorgan Chase has signed an agreement to acquire 40% stake in Brazilian digital bank C6 Bank for an undisclosed sum.

The move marks JPMorgan’s entry into Brazil’s burgeoning retail banking sector.

Launched in 2019, C6 Bank offers an array of services including checking and savings accounts, debit and credit cards, investments and lending products. The digital lender’s service portfolio also includes travel and loyalty programmes and services for SMEs.

Currently, C6 Bank is said to have more than 7 million customers.

According to a Reuters report, the digital lender was valued at BRL11.3bn ($2.28bn) in December when it secured BRL1.3bn investment.

The completion of the deal is subject to regulatory approvals.

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JPMorgan Chase International Consumer CEO Sanoke Viswanathan said: “We’re excited to be partnering with one of Brazil’s fastest growing digital banks.

“We’ve admired C6 Bank, its management team and their strategy for some time. With an impressive platform and product suite, they are well-positioned to sustain their growth trajectory and build a strong franchise.

“We look forward to supporting C6 Bank in its aspiration to be a long-term winner in the Brazilian banking market.”

C6 Bank CEO and co-founder Marcelo Kalim said: “Partnering with JPMorgan Chase, a global leader in financial services and a trusted name in retail banking, is a game-changer.

“With their support, we will invest and scale our business in a way that continues to provide Brazilian customers with best-in-class digital banking products to help them accomplish their goals.”