Contxto – Another Brazilian fintech to reach a significant benchmark in customer growth is C6. The startup from São Paulo announced this week that it has one million customers.
Within this same week, the startup also stated that it will be diversifying its line of products. These changes will begin to be implemented in February.
Related article: Fintech Nubank has 20 million customers
Going for more (with) SMEs
C6 will begin offering services for small and medium enterprises (SMEs) as well as entrepreneurs. Its primary targets within that market are those with revenue for up to R$500 million (about US$119 million).
The startup reported that it will first deploy transfer and payment-related solutions for businesses. And that’s not a bad start considering that’s most SMEs’ biggest pain point.
Note that there will not be a physical branch for a company to sign up for one of C6’s services. It’s all digital darlings.
It’s worth noting that, to a degree, C6 had already been experimenting with some products for micro-entrepreneurs. I guess it liked what it saw.
Related article: Brazilian fintech C6 Bank invites startups to São Paulo incubator
What it means
The fact that C6 is expanding its offerings to stretch into the SME field implies two things.
First, it considers its most well-known product line, focused on individuals, is reaching maturity. And as a result, it can diversify its focus towards businesses instead.
And second, it’s also joining the race to reach out to that untapped SME market. In it, C6 will find Nubank (again) and it will even run into newcomer Cora.
It’s pleasing to see these fintechs catching on among users. Although Nubank somewhat already stole the userbase thunder this week following its announcement of having 20 million customers.
And the fintech competition continues.
Related articles: Tech and startups in Brazil!
-ML
