• New capital commitment raises C6’s share equity to R$1.24 billion
• Number of checking accounts grew 150 percent this year

The Brazilian Central Bank has approved a capital increase of R$525 million at C6 Bank, according to a notification published by the Brazilian official gazette today. The new capital commitment, through issuing common stock, will raise C6 Bank’s capital to R$1.24 billion.

The funds will be committed to increase C6 Bank’s total capital, taking into account its growth prospects for the second half of the year. “We will expand our loans throughout the year. We will also keep investing to develop our platform and add to our client base”, says C6 Bank’s Chief Financial Officer Karina Rodrigues.

C6 Bank will expand its loans both to individual and to SME clients. The bank already offers loans through its app to individual clients with pre-approved credit. Small businessmen with pre-approved credit lines can also borrow funds through the app. For SMEs, it offers credit through a network of business consultants operating all around Brazil. There are 400+ business consultants able to sell products such as loans and payment terminals.

In July 2020, C6 Bank reached the mark of 2.5 million individual checking accounts, a growth rate of 150 percent since the beginning of the year. The bank has also 60,000+ business accounts operational. C6 Bank operates in 99.5 percent of the 5,570 Brazilian municipalities. According to McKinsey’s “Brazil Digital Report 2020”, among six digital banks launched in Brazil from 2014 to 2019, C6 Bank was the fastest to reach the one-million clients mark. The full-service bank started operating on August 5, 2019, and signed up its one-millionth client on December 31.

C6 Bank offers free basic banking services such as account openings, transfers and withdrawals. It also offers credit and debit cards with no annual fees, and the loyalty program Átomos. The company bets on innovative differentials such as a toll service automated tag (C6 Taggy) available free for all clients, money transfers through the SMS service C6 Kick, and Conta Global, a US dollar-denominated account. It also offers an investment platform with access to Certificates of Deposit and 120+ funds.

In July 2020, C6 Bank announced a joint financial and telecom services offer through a strategic partnership with TIM, to exploit synergies in sales and payment channels. The partnership is directed towards the 55 million users of the telecom group and new customers.