JP Morgan has purchased a minority stake in Brazilian digital banking and fintech firm FitBank.

The firm did not disclose specific details of the purchase, including how many shares of FitBank were bought or for how much as part. The investment will reportedly be used to expand FitBank’s financial solutions as it looks to grow beyond Brazil’s borders.

FitBank, which was founded in 2015 by fintech industry veterans Rener Menezes and Otavio Farah, has more than 90,000 accounts on its platform while facilitating transactions of approximately 1bn Brazilian reais per month.

The fintech firm provides bill payment, online treasury, banking, financial management, transfers and escrow services, according to its website.

‘The strategic investment in FitBank is an important addition to sustaining and growing our leadership in wholesale payments within Latin America,’ said Renata Vilanova Lobo, the head of Brazil wholesale payments for JP Morgan.

‘Our clients, both local corporates and international MNCs, are looking to JP Morgan to help simplify digital payments in the region and provide them access to the various new payment types unique to Latin America,’ she continued.

Vilanova Lobo will fill a seat on FitBank’s board as part of JP Morgan’s investment in the firm which also consists of Marcelo Maisonnave, a founder of XP Inc, and Alejandro Volbrechthausen, a former senior country officer for Goldman Sachs Brazil.

‘FitBank can now accelerate its expansion of services to its core target clients as a fintech enabler in Brazil and in the near future, Latin America, added João Chacha, a managing partner at the firm.