Brazil-based FitBank Pagamentos Eletronicos SA, a Fintech agency backed by JPMorgan Chase, one of many world’s largest banks by way of property and scope of operations, is planning to ascertain an extra enterprise workplace within the US through the first half of subsequent 12 months.
The payment-services firm claims over 100 shoppers in Brazil. It’s additionally getting ready to launch operations in Colombia, Mexico, Peru in 2021, in response to Otavio Farah, CEO at FitBank.
As first reported by American Banker, Farah not too long ago famous that fee know-how doesn’t range an excessive amount of from one jurisdiction to a different. He claims that his firm can actually go international, nonetheless, the technique will contain giving precedence to nations the place the Fintech agency believes there’s already demand for its companies.
Fintech adoption in Brazil is on the rise and native corporations are additionally starting to develop their enterprise outdoors of the South American nation, in order that they will diversify their operations outdoors of the extremely concentrated monetary markets in Latin America.
For example, Nu Pagamentos, a digital bank launched simply seven years in the past, has turn into a significant service supplier and managed to accumulate North Carolina-headquartered software-consulting firm Cognitect in July 2020 after introducing bank cards in Mexico earlier this 12 months.
FitBank’s prospects embody banks, Fintech service suppliers, non-financial platforms. One of many firm’s principal methods at this level is to turn into a extra established international firm by teaming up with JPMorgan, the most important US bank.
As reported in July 2020, JPMorgan had acquired a minority stake within the FitBank by means of its strategic-investment division. On the time of the transaction, Renata Vilanova Lobo, head of JPMorgan’s wholesale funds companies in Brazil, had taken a seat on the board. FitBank additionally affords sure companies to JPMorgan’s enterprise operations in Brazil.
Marcelo Maisonnave, founder at XP Inc., and Alejandro Vollbrechthausen, the previous CEO Goldman Sachs Group’s division in Brazil, are additionally board members at FitBank.
Established in 2015, FitBank has been developed in an atmosphere that was already surrounded by cloud computing options and the most recent smartphones or cellular applied sciences. Which means it didn’t must undergo the difficult means of upgrading main legacy infrastructure, Farah defined.
He claims that FitBank’s open platform can securely handle and analyze funds. The platform can even discover and repair issues in an environment friendly method, because it eliminates the necessity for extra conventional again workplace duties.
Farah additionally revealed that the full transactions settled by the corporate every month has elevated by 2x to round 1 billion reais (appr. $183 million) from 500 million reais, which was the month-to-month common earlier than the Coronavirus disaster started.