Business

J.P. Morgan invests in Brazilian payments fintech FitBank

It's the first strategic J.P. Morgan investment in the Latin American fintech industry, says Valor Econômico

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  • Since its foundation in 2015, Fitbank has opened 180,000 accounts for 96 customers; transactions reached BRL 1 billion per month.
  • It’s the third investment round that the fintech receives.

J.P. Morgan invested in the Brazilian fintech FitBank. It is its first strategic investment made by the bank in the payments industry in Latin America, according to a report by Valor Econômico. The funds will be used to improve product portfolio and on the international expansion of the fintech. The value of the deal was not disclosed.

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This is the fintech’s third investment round. FitBank may be used by J.P. Morgan’s wholesale customers to develop new products, both in Brazil and abroad, as an arm for payment solutions, says Valor.

Since its foundation in 2015, Fitbank has opened 180,000 accounts for 96 customers: the company enables banks, fintechs, investment funds and retailers to offer their customers a digital account and financial services, using FitBank’s technology, but with their own brand. Its transactions reached BRL 1 billion per month.