J.P. Morgan invests in Brazilian Open Banking Fintech FitBank

July 14, 2020
Repórter no jornal Valor Econômico.
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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.

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American bank J.P. Morgan made a contribution to the Brazilian fintech FitBank, in its first strategic investment in payments in Latin America. The funds go towards expanding the portfolio and international expansion of fintech, which wants to be a “big financial tech”. The value has not been revealed.

Founded in 2015, FitBank created a “white label” payment platform. Banks and fintechs can offer customers digital account and services, using technology, but with their own brand. 180 thousand accounts were opened for 96 clients, trading R $ 1 billion per month. Fintech is awaiting a payment institution license from the Central Bank.

“The agreement involves the investment, product development,‘ cross selling ’and international expansion, starting in Latin America,” says João Chacha, member of the FitBank board. In the region, the expansion will occur from the first half of 2021.

The negotiations, which lasted eight months, resulted in minority participation. The investment was made by a strategic investment vehicle from the United States, with the resources for the operation of FitBank. J.P. Morgan acquired a seat on the board, held by Renata Vilanova Lobo, director of payments for wholesale customers.

This is fintech's third investment round. In 2016, the founders managed to attract former XP partners Marcelo Maisonnave, Eduardo Glitz and Pedro Englert. In 2018, they brought in João Chacha and Alejandro Vollbrechthausen, former Goldman Sachs executives, board members.

FitBank may be used by J.P. Morgan wholesale customers to develop products, in Brazil and abroad, as a payment arm. "We have a capacity to develop large and fast products, and they have brutal business generation", explains Otávio Farah, FitBank CEO.

FitBank wants to position itself as a ‘fintech of fintechs’. “We start from the understanding that the technology must be free, so that it can be used from the cloud and by APIs, to facilitate the daily lives of companies and consumers”, said Rener Menezes, partner responsible for the technology area of company. FitBank awaits the Central Bank (BC) payment institution license.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

American bank J.P. Morgan made a contribution to the Brazilian fintech FitBank, in its first strategic investment in payments in Latin America. The funds go towards expanding the portfolio and international expansion of fintech, which wants to be a “big financial tech”. The value has not been revealed.

Founded in 2015, FitBank created a “white label” payment platform. Banks and fintechs can offer customers digital account and services, using technology, but with their own brand. 180 thousand accounts were opened for 96 clients, trading R $ 1 billion per month. Fintech is awaiting a payment institution license from the Central Bank.

“The agreement involves the investment, product development,‘ cross selling ’and international expansion, starting in Latin America,” says João Chacha, member of the FitBank board. In the region, the expansion will occur from the first half of 2021.

The negotiations, which lasted eight months, resulted in minority participation. The investment was made by a strategic investment vehicle from the United States, with the resources for the operation of FitBank. J.P. Morgan acquired a seat on the board, held by Renata Vilanova Lobo, director of payments for wholesale customers.

This is fintech's third investment round. In 2016, the founders managed to attract former XP partners Marcelo Maisonnave, Eduardo Glitz and Pedro Englert. In 2018, they brought in João Chacha and Alejandro Vollbrechthausen, former Goldman Sachs executives, board members.

FitBank may be used by J.P. Morgan wholesale customers to develop products, in Brazil and abroad, as a payment arm. "We have a capacity to develop large and fast products, and they have brutal business generation", explains Otávio Farah, FitBank CEO.

FitBank wants to position itself as a ‘fintech of fintechs’. “We start from the understanding that the technology must be free, so that it can be used from the cloud and by APIs, to facilitate the daily lives of companies and consumers”, said Rener Menezes, partner responsible for the technology area of company. FitBank awaits the Central Bank (BC) payment institution license.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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