Brazil-based FitBank, which provides financial services solutions for companies, has reportedly been acquired by JP Morgan, for an undisclosed amount.
In addition to the acquisition, JP Morgan deployed capital into the FinTech to help it expand its services and move into international markets, according to a report from CityWire.
The FinTech claims to be the largest open banking platform in Brazil, providing businesses with full control and automation of financial management. Its product suite includes payments, digital accounts, online treasury, P2P payments and more.
JP Morgan head of Brazil wholesale payments Renata Vilanova Lobo told CityWire, “The strategic investment in FitBank is an important addition to sustaining and growing our leadership in wholesale payments within Latin America.”
Last year, JP Morgan contributed to the $9m funding round of real-time capital markets data analytics business Mosaic Smart Data.
Earlier in the year, fellow Brazilian FinTech platform Swap raised $3.3m in a funding round.
Brazil has established a strong FinTech sector, with a total of $2.7bn being deployed since 2015, FinTech Global data shows. Of the capital, 50.6% was invested into WealthTech startups.
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