Neobank C6 Bank prepares to launch a new home equity product in Brazil

July 27, 2021
Personal Finance Journalist
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C6 Bank
C6 Bank is preparing to launch a home equity product, three sources familiar with the matter told Finsiders.

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The forecast is that the modality will be in the air in October. When contacted, the digital bank limited itself to saying, through the press office, that it will not disclose details about the new product yet.

The bet is on a market that is currently around R$12 billion, but has the potential to inject R$500 billion into the economy, and has been attracting more and more fintechs (see Credits, CashMe, CrediHome, LendMe and others).

Instead of establishing a partnership, the C6 is developing the product in-house, and has hired Vivere, Accenture's specialized mortgage company, to help design the new solution, Finsiders found out.

Founded by former BTG Pactual partners in 2019, C6 has been growing its base at an accelerated pace and adding new products and services to the digital platform. In the first five months of the year alone, the bank's user base grew by 79%.

With more than 7 million customers, the digital bank offers a multi-currency account, debit and credit cards, a loyalty program, an investment and credit platform for individuals and companies, among other services. Recently, it announced that it reached all Brazilian municipalities.

No wonder C6 attracted J.P. Morgan, which struck a deal at the end of June to buy 40% of the digital bank. According to a Bloomberg report at the time, depending on the evolution of the business, the American bank may acquire 100% of C6 in the future.

According to the latest financial data released, C6 ended the first half of 2020 with a net loss of BRL 124.4 million, against losses of BRL 88.5 million in the same period in 2019. Equity, in turn, was of R$459.3 million in the first six months of 2020, compared to R$335.6 million registered in the same period of the previous year.

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.

The forecast is that the modality will be in the air in October. When contacted, the digital bank limited itself to saying, through the press office, that it will not disclose details about the new product yet.

The bet is on a market that is currently around R$12 billion, but has the potential to inject R$500 billion into the economy, and has been attracting more and more fintechs (see Credits, CashMe, CrediHome, LendMe and others).

Instead of establishing a partnership, the C6 is developing the product in-house, and has hired Vivere, Accenture's specialized mortgage company, to help design the new solution, Finsiders found out.

Founded by former BTG Pactual partners in 2019, C6 has been growing its base at an accelerated pace and adding new products and services to the digital platform. In the first five months of the year alone, the bank's user base grew by 79%.

With more than 7 million customers, the digital bank offers a multi-currency account, debit and credit cards, a loyalty program, an investment and credit platform for individuals and companies, among other services. Recently, it announced that it reached all Brazilian municipalities.

No wonder C6 attracted J.P. Morgan, which struck a deal at the end of June to buy 40% of the digital bank. According to a Bloomberg report at the time, depending on the evolution of the business, the American bank may acquire 100% of C6 in the future.

According to the latest financial data released, C6 ended the first half of 2020 with a net loss of BRL 124.4 million, against losses of BRL 88.5 million in the same period in 2019. Equity, in turn, was of R$459.3 million in the first six months of 2020, compared to R$335.6 million registered in the same period of the previous year.

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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