Brazil’s Banco Inter agrees deal to acquire US fintech USEND
Brazilian digital bank Banco Inter has announced the acquisition of US payments fintech USEND for an undisclosed sum as it looks to expand into North America.
In a post on LinkedIn, the bank claims it is the “first Brazilian company in the digital banking segment” to enter the US market.
Founded in 1994 and headquartered in Belo Horizonte, Banco Inter provides digital financial services such as checking accounts, loans, credit cards, investments and foreign exchange through its banking app, which currently has more than 13 million users and $30 billion in assets under management.
The acquisition will give the firm a foothold in the US as it aims to grow its services beyond its home country.
It adds the deal marks “an important step to bring our revolution to the whole world”.
Based in California, USEND offers money transfer, bill payment and foreign exchange services primarily targeted at Brazilians living in the US. It currently boasts around 150,000 customers and is licenced to operate in 40 US states.
Inter plans to integrate USEND’s services with its own platform, which it says “will guarantee a gateway to carry out financial and non-financial transactions in the United States” for Brazilian customers, while US customers “will have a complete platform to simplify life, with banking, investment, insurance, credit and shopping services”.
Speaking on the acquisition, USEND says: “Inter shares our same values and entrepreneurial culture, which is why this new partnership will add even more innovative products and benefits for all our customers.
“Our goal is to continue growing with excellence in our services, but now with even more ambitious plans.”