Brazilian digital lender C6 Bank has raked in BRL525m ($96.02m) in fresh capital to grow its loan book, Reuters reported.

The fresh capital has been injected by the key stakeholders of the bank, which currently has 2.5 million clients.

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Recently, the central bank of Brazil approved the additional funds from C6 Bank CEO Marcelo Kalim and other investors.

C6 Bank is now operating with BRL1.24bn ($229.2m) in the capital, the report added.

The digital bank will use the fresh capital to offer more loans to its customers as well as small businesses.

In a statement, C6 Bank CFO Karina Rodrigues said that C6 will also use the funds to invest in its online platform and in customer acquisition.

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It anticipates a faster growth following its partnership with the telecom company TIM Participacoes last month.

TIM may hold up to a 15% stake in the bank, depending on how many of its customers become active clients of C6, the Reuters report added.

TIM has 55 million clients. So far, C6 has onboarded 200,000 TIM clients in the first three weeks of their partnership.

C6 offers checking accounts, credit cards, and loans to its customers.

As part of the partnership, the bank uses TIM’s stores as branches to sell its services.

C6 partner Marcos Massukado said: “A telecoms firm provides C6 not only with potential clients but also with lots of data.

“I know which products I should offer according to the client’s mobile plan, for instance.”

Launched in January 2019 by investment bank BTG Pactual’s former partner and chairman Kalim, C6 had BRL2.3bn in assets and BRL266m in loans as of March 2020.