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JP Morgan acquires minority stake in Brazilian fintech FitBank

JP Morgan FitBank
FitBank was established in 2015 by industry veterans Rener Menezes and Otavio Farah

JP Morgan has acquired a minority stake in FitBank, a Brazilian fintech startup. FitBank was established in 2015 by industry veterans Rener Menezes and Otavio Farah.

In recent times, fintechs across Latin America have been working with open banking APIs, media reports said. FitBank is a white-label startup that raised an undisclosed amount from JP Morgan in its funding round.

Renata Vilanova Lobo, the head of Brazil wholesale payments for JP Morgan, told the media, “The strategic investment in FitBank is an important addition to sustaining and growing our leadership in wholesale payments within Latin America. Our clients, both local corporates and international MNCs, are looking to JP Morgan to help simplify digital payments in the region and provide them access to the various new payment types unique to Latin America.”

It is reported that the fintechs has more than 90,000 accounts on its platform. This in turn has facilitated transactions worth 1 billion Brazilian reais per month. The fintech startups offers bill payment, online treasury, banking, financial management transfers and escrow services.

João Chacha, Fitbank’s managing partner, told the media, FitBank can now accelerate its expansion of services to its core target clients as a fintech enabler in Brazil and in the near future, Latin America.”

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