SAO PAULO (Reuters) – Banco Inter announced this Friday an agreement to purchase USEND fintech, which operates in foreign exchange and financial services, including international remittances.
With the acquisition, Inter plans to start its activities in the US, expanding the offer of financial and non-financial products to US residents and clients in Brazil, integrating fintech services to its platform.
The closing of the transaction, for an undisclosed amount, is subject to the finalization of the respective definitive instruments and other conditions, including regulatory approvals.
According to Banco Inter, USEND has licenses to act as a ‘Money Transmitter’ in more than 40 North American states and has a base of more than 150,000 customers.
Although the majority of USEND customers are Brazilians living in the US, Inter’s chief executive, João Vitor Menin, said the company will target a broad audience to compete with Chime Financial and SoFi Technologies.
“I think there is room for more banking competition in the US, with fintechs attracting traditional bank customers,” Menin told Reuters.
Inter is also seeking acquisitions in Europe and Latin America, but having smaller assets such as fintechs, which operate under a simplified banking license.
Top executives, including the founder and CEO of USEND, will go ahead in the US integration process, as well as “expanding into adjacent markets such as credit and brokerage, which are in Inter’s plans for the American territory”.
Around 2:35 pm, Banco Inter’s units rose 6%, to 71.18 reais, the second highest rise on the Ibovespa, which showed an increase of 1.35%.
In the view of Guide Investimentos analyst Luis Sales, the acquisition is an important step for Inter and should generate important synergies.
(By Paula Arend Laier and Carolina Mandl)
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