C6 Bank

Brazil-based C6 Bank (C6) offers a range of banking and credit products, including savings and checking accounts, debit and credit cards, and loans for both individuals and businesses. It also provides several investment products, including a brokerage account, a private pension plan, and an automated portfolio management platform.

C6 generates income through a 2% commission on international fund transfers, debit card issuance fees (USD 30), and withdrawal fees (USD 5). It also charges other fees such as currency conversion fees of 2% of the transaction value and inactivity fees of USD 10 per year.

In July 2022, C6 announced its customers will be able to conduct PIX Saque and Troco transactions for free, which enables customers to withdraw money outside of ATMs. PIX Saque, introduced by the Central Bank of Brazil, allows customers to scan a QR code from an authorized establishment (~15,000 across the country) via the mobile app and receive (withdraw) funds. Pix Troco allows customers to pay more than the price of goods purchased via the app and receive the difference as fiat currency.

Moreover, in a bid to increase its market share in the high income segment, the company had planned to open around 12 brick-and-mortar branches in the country in October 2022. Each branch will have around ten employees to serve wealthy clients and improve client engagement by providing more detailed and customized services.

Key customers and partnerships

C6 had a user base of over 20 million customers as of December 2022. As of the same date, it selected Thought Machine’s cloud-native core banking platform Vault Core, to power its banking platform, through which it aimed to create and launch innovative new products.

Funding and financials

In December 2020, C6 raised BRL 1.3 billion (~USD 252 million) in funding. It aimed to funnel the fresh funds to increase its customer base, product development, and to launch new verticals.

In addition, JPMorgan Chase acquired a 40% stake in C6 for an undisclosed amount in June 2021, to expand C6’s reach throughout Brazil. C6 planned to use the fresh capital to launch new credit lines in auto loans and home equity.