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JP Morgan invests in Brazil's FitBank

JP Morgan invests in Brazil's FitBank

JP Morgan has acquired a minority stake in Brazilian fintech startup FitBank, according to local reports. Details of the investment were not disclosed.

Founed in 2015, FitBank describes itself as the largest open banking outfit in Brazil, providing a white label platform that lets banks and fintechs offer bill payment, online treasury, banking, financial management, transfers and escrow services.

According to local news site Valor, some 96 clients have used its technology for 180,000 accounts. The new money will be used to expand to new countries in Latin America.

Renata Vilanova Lobo, head, wholesale payments, Brazil, JP Morgan - who joins the FitBank board - tells Citywire: "The strategic investment in FitBank is an important addition to sustaining and growing our leadership in wholesale payments within Latin America."

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