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São Paulo, July 2020 – FitBank, a Banking as a Service Brazilian FinTech today announced a strategic investment by J.P. Morgan.
FitBank has been winning customers since first offering services to clients beginning in 2015. As a white label Banking as a Service, FitBank provides infrastructure for corporations and payment service providers that want to offer digital payments directly to their client base. FitBank’s clients and partners rely on its safe and scalable platform and its flexible connectivity options to immediately perform real time transactions in the digital payments space.
“We’re excited to make our first strategic investment in Latin America, within the payments industry,” said Renata Vilanova Lobo, Head of Brazil Wholesale Payments, J.P. Morgan. “We’re actively advising our clients on the best digital approach to help solve their payments needs and look forward to continuing that dialogue with our LATAM clients.”
“We believe this investment from J.P. Morgan will speed up our development as a Banking as a Service platform, support our product expansion plan and allow us to scale up to serve our clients in current and future market needs such as: PIX our Instant Payments platform in Brazil and Open Banking via our White Labeled Digital Wallets” highlights FitBank’s CEO, Otávio Farah.
“Fitbank can now accelerate its expansion of services to its core target clients as a Fintech facilitator in Brazil and in the near future Latin America” adds FitBank’s Board Member, João Chacha.
As part of the investment, J.P. Morgan will acquire a minority stake in FitBank and a board seat, filled by Renata Vilanova Lobo. Marcelo Maisonnave, XP Inc founder and Alejandro Vollbrechthausen, Goldman Sachs Brasil former CEO also serve on the board of Fitbank.
Since 2015, FitBank has become a significant payment management platform in Brazil. Regulated by the Brazilian Central Bank, the payment institution keeps a robust platform which, combined with high level technology and security controls provides connectivity, scalability and traceability to more than 180 thousand digital accounts.
Managed by Rener Menezes and Otavio Farah, both founders with more than 20 years of experience in financial technology, FitBank supports more than 100 payment ecosystems in different sectors with new technology, through which its system allows available financial services to connect with each other. The company’s board also includes Pedro Englert, Eduardo Glitz and Mauricio Zaragoza as members.
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