Inter&Co Seeks To Expand Its Super App To The US Following Nasdaq Listing

Inter&Co Seeks To Expand Its Super App To The US Following Nasdaq Listing

Inter&Co Inc. INTR, previously known as Banco Inter, says it is on a mission to transform the way the world banks. 

From humble beginnings in Brazil, the company is seemingly advancing north in its global journey, while still growing in its home country.

Serving an assortment of digital offerings through its Super App, the bank seeks to bridge the digital divide by making banking services accessible and available to all.

As part of its expansion and growth strategy, Inter acquired U.S. international payment fintech USEND, offering digital money transfer and remittance services focused on immigrants and the underserved population.

The USEND acquisition completed at the beginning of the year was a major move for Inter&Co as it seeks to strengthen and expand its presence in the U.S. With the acquisition, Inter&Co will be able to add a new revenue source, offering a global account and remittances services to both Brazilians living abroad who wish to have a US dollar account and locals that have the need to send money abroad. The digital bank plans to offer many of the financial and non-financial services currently available through its Super App in Brazil.

The bank listed its shares at Nasdaq Stock Market under the ticker symbol INTR in June — migrating its shares from Brazil’s B3 stock exchange.

Inter&Co joins a growing list of listed digital banks like Nubank NU, and SoFi Technologies SOFI. The company hopes that a global listing will enable it to establish itself as a digital banking platform also in the U.S. while consolidating its position as a leading super app in Brazil.

Nasdaq Listing To Increase Visibility in US Markets?

By listing on the New York-based stock market, Inter&Co now has gained direct access to the world’s largest and most mature capital market, arguably opening additional opportunities, while unlocking its value and strengthening the bank’s position as an international digital bank.

The bank believes a newer and broader investor community will also provide a higher exposure to its brand allowing for further visibility, especially as it focuses on its international expansion.

Inter&Co also reports advancing one of the products in its development pipeline — a brokerage and investment account targeted for Brazilians interested in diversifying their portfolios.

Year-On-Year Customer Growth

In the second quarter of 2022, Inter&Co reported year-over-year customer growth of 73% and 20.7 million users. The growth helped boost revenue by 130% compared with the same period last year.

Inter&Co is now focused on its global account, a service offered to Brazilian customers that want an account in US dollars. In the second quarter, the number of global accounts reached 141 thousand, with a total of 464 thousand transactions.

Formerly known as Intermedium, Banco Inter was founded by the Menin family, owners of Brazil’s largest homebuilder and real estate firm — MRV — to provide real estate credit. But in 2008, it was granted a banking license by the Brazilian Central Bank and began operating as a commercial bank.

Seven years later, it launched its first digital account, followed by a new brand identity — Inter — in 2017, which was followed by its recent uplisting to Nasdaq in June 2022. Seeing itself now as a big brother of Brazilian digital banks, Inter&Co has transformed its offering into a super app that navigates the intersection between fintech and bank, aiming at simplifying people's lives.

​​Inter&Co offers a complete range of products and services in banking, credit, investments, insurance and cross-border services, in addition to a virtual mall that brings together the best retailers in Brazil and the United States. The bank offers a full portfolio of credit solutions such as corporate credit, real estate financing, property and payroll loans.

Although super apps are widely used in China and Latin America, the concept of offering financial and non-financial services within a single mobile app is new to the U.S.  Inter&Co sees this as an opportunity and has already taken its first steps in bringing its world-class super app capabilities and products to U.S customers.

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