Following this announcement, JP Morgan and C6 did not disclose any other information on a valuation in their agreement made back in 2021. According to JP Morgan insiders, the investment in the C6 Bank represents an important part of the lender’s global expansion strategy.
Furthermore, the new stake follows C6’s expansion and recent developments, as well as its new product additions, such as auto loans and the Carbon Partner fulfillment model, which was used to provide personalised solutions to high-net-worth clients.
The overall management team of the digital bank is set to remain unchanged as the two companies will continue to use synergies in order to provide improved products and services to C6 users.
American multinational financial services firm JP Morgan had several partnerships and product launches in the last couple of months, covering different geographic regions around the world.
In August 2023, the company announced the launch of its Tap-to-Pay on iPhone for its US-based merchant customers, aiming to enable them to accept in-person, contactless payments. The product had Sephora as its first client and it aimed to improve the manner in which traders accepted contactless payments while using their iPhone devices, with no other requirements being made for a dedicated payment card reader, or other additional hardware.
Merchants were allowed to accept contactless payments without a physical terminal, which resulted in a new, differentiated payment experience where traders and their users were given the possibility to engage and make transactions anywhere by using Wi-Fi or cellular services. Furthermore, it also resulted in a quick and simplified checkout experience for both parties. The solution was designed to offer businesses the ability to accept transactions anywhere, be that in-store, online, or on the move.
Earlier in July 2023, JP Morgan announced its aim to expand the online bank Chase to Germany, as well as other countries from the European Union. The firm focused on providing clients and users in Germany and the EU with Chase’s suite of products and tools, while also prioritising the process of meeting the needs, demands, and preferences of the market and remaining compliant with the requirements of the local industry.
JP Morgan introduced euro-denominated payments for corporate users in June 2023, by leveraging its JPM Coin in order to bring blockchain closer to the traditional banking experience. The system’s primary function was to enable wholesale payments customers to transfer dollars or euros to and from their various JP Morgan accounts across the globe, as well as to make transfers and payments to other clients of the bank. The users needed to leverage the capabilities of blockchain in order to benefit from the service, instead of conventional payment rails.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now