Inter and USEND agree on terms of sale

Rhea-AI Summary

Inter, a leading Brazilian super app, has announced its acquisition of USEND, a US-based financial services company, with plans to complete regulatory approvals soon. The deal aims to enhance Inter's footprint in the US fintech market, leveraging USEND's existing operations, which include a competitive digital remittance solution and a customer base of over 150,000. Inter's CEO emphasized that this acquisition would position the company to offer a broader range of digital banking services in the US, enabling it to serve both Brazilian and international clients.

Positive

• Acquisition of USEND strengthens Inter's position in the US fintech market.
• Access to USEND's customer base of over 150,000 and expertise for expansion.
• Plans to become a fully digital bank in the US, offering competitive financial services.

Negative

• None.

BELO HORIZONTE, Brazil, Nov. 23, 2021 /PRNewswire/ -- Inter (B3: BIDI11), a leading super app, offering financial and non-financial services to more than 15 million customers in Brazil, reached an agreement to acquire 100% of USEND, a US company specializing in offering financial and non-financial services. Upon regulatory approval in both Brazil and the US, which is expected to be completed in the next few months, Inter will strengthen its position as a new player among US fintechs, bringing additional products and services to digital clients globally.

USEND has a competitive digital solution for remitting money between countries. It is also licensed as a financial institution in more than 40 US states, and has more than 150,000 customers.

"With USEND's acquisition, Inter adds a solid structure and customer base locally, in addition to USEND's team of experts, including all management team. Other than offering international products and services, Inter will become a fully digital bank in the US, offering cheaper, fairer, and more efficient products and services," stated Inter's CEO, João Vitor Menin.

"The acquisition will strengthen our competitive positioning in the US fintech market. We'll be using USEND's solutions and our digital banking know-how to become the first Brazilian company in the segment to set foot firmly in the United States," he added.

"USEND and Inter share the same mission and values: To make people's lives easier, serving all customers' needs in a world without borders. This transaction is a unique milestone in our company's history, and I am sure that, together, we will be able to create a very strong global platform," stated USEND's CEO, Fernando Fayzano.

Upon receiving all regulatory approvals, the integration of the two companies will result on having an Inter platform that offers both financial and non-financial products to Brazilian and other immigrant clients living abroad, Brazilian clients wanting to have international products, and the US population in general seeking to gain the benefits from having access to a super App. The USEND acquisition will accelerate Inter's offering in the US.

About Inter 
More than a digital bank, this is a super app that simplifies people's lives: Inter has reinvented itself and creates everyday products and services for its more than 15 million customers, whether that's taking care of people's finances, shopping online or earning cashback. Everything comes together in the same app; it's simple and fully digital. Inter offers complete services in banking, investments, credit and insurance, in addition to a virtual mall that brings together the best retailers in Brazil and the United States. The company has a broad credit portfolio of R$16 billion, shareholders' equity of R$8.6 billion, and R$33.7 billion in total assets.

Contacts:

Grayling
Lucia Domville / Katie Conroy
M +1 646. 824.2856/ +1 530.680.2772 
Katie.Conroy@grayling.com / lucia.domville@grayling.com

 

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SOURCE Inter

FAQ

What acquisition did Inter announce on November 23, 2021?

Inter announced its acquisition of USEND, a US financial services company.

How will the USEND acquisition benefit Inter's business?

The acquisition will enhance Inter's competitive positioning in the US fintech market and enable it to offer a wider range of digital banking services.

What is the significance of USEND's customer base for Inter?

USEND has over 150,000 customers, which will help Inter expand its operations and reach in the US market.

What are Inter's plans following the USEND acquisition?

Inter plans to become a fully digital bank in the US, leveraging USEND's digital solutions.

What regulatory approvals are needed for Inter's acquisition of USEND?

Inter needs regulatory approval from both Brazil and the US before completing the acquisition.