Bank C6, Nubank’s competitor, is valued at R $ 11.3 billion | Business

C6 Bank’s market cap rose to R $ 11.3 billion after an investment round was announced on Wednesday (2). The digital bank competing with Nubank received a $ 1.3 billion contribution from a group of 40 investors and turned into another unicorn, a term used for startups with worth more than 1 billion USD.

Bank C6

The investment was made through the issuance of common shares of C6 Bank to investors, which was not disclosed. This activity is mediated by Credit Suisse, which is also an activity to realize the bank’s partnership with TIM. After signing the deal, companies started offering advantages like internet bonuses and opening dollar accounts without fees.

In a statement, the CEO of C6 Bank, Marcelo Kalim, said that the investment allows to accelerate the bank’s growth. He pointed out that the start-up will continue to work to “increase the customer base, complete the development of the investment platform, and deepen new areas of business”.

The bank started operations in August 2019 and reached 1 million customers by January 2020. In the third quarter of 2020, the bank recorded a 48% growth in its customer base and today, it has more than 4 million accounts have been opened.

The startup has assets of R $ 5.3 billion and a portfolio of R $ 4 billion in credit for individuals and companies. Based on Reuters, the company is expected to be profitable by 2021.

Bank C6 plans to go public in 2021

After the investment round, C6 Bank works to go public. Kalim told Reuters that the idea is to do an IPO in the bank by 2021. According to the executive director, the 12-month period to complete the process “looks quite interesting” .

C6 Bank, controlled by Carbon Holding, has banks in the Cayman Islands and stockbrokers in São Paulo and New York. The group also brought together payments company PayGo, insurance consulting firm Som.us, payment app development company Setis, and edutech IDEA9.

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