Business

Brazilian Neobank C6 ends 2020 with a loss of over BRL 600 million

Brazilian neobank C6 Bank had a net loss of BRL 606 million in 2020, a gap 149% worse than that recorded in 2019, of BRL 243 million

C6 Bank logo displayed on mobile phone
Photo: Piotr Swat/Shutterstock

Brazilian neobank C6 Bank had a net loss of BRL 606 million in 2020, a gap 149% worse than that recorded in 2019, of BRL 243 million. According to Valor Econômico, the institution stated that the result stems from investments made in its operational structure.

The results still show that the bank brokered BRL 16.787 million in 2020, a drop of 14% compared to the previous year; service revenue grew 271%, reaching BRL 123.9 million.

READ ALSO: Brazilian neobank C6 launches global account that allows investments abroad

Last December, C6 Bank announced that it raised BRL 1.3 billion from a group of about 40 private investors, which evaluated the digital bank at BRL 11.3 billion.

On the occasion, C6 Bank’s president Marcelo Kalim said that with the capital increase resulting from the infusion, the group will invest in increasing the customer base, expanding the investment platform, and advancing in new lines of business.

Get the best insights about Latin America market in your inbox