fintech Inter will operate in the US. That’s because it has just acquired USEND, which offers foreign exchange and financial and non-financial services in the American market. The bank did not inform the value of the transaction, which still depends on the approval of regulatory authorities. If the deal is accepted, it will allow the digital bank to compete with Chime and SoFi.
In Brazil, Inter has more than 13 million customers. USEND is licensed as a financial institution in more than 40 American states and more than 150,000 customers. The company’s digital solution is used to transfer money between countries.
In addition, USEND operates in the debit card, gift cards and mobile top up markets. By the end of the year, the idea is to launch an investment and insurance platform, as well as a credit card. USEND executives will continue to lead the company’s operations and will be responsible for expanding the services.
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According to João Vitor Menin, CEO of Inter, the digital bank is the first Brazilian company in the segment to establish itself in the US. “Inter will have the advantage of having a solid structure and customer base. It will position itself as full digital banking in the US and offer cheaper, fairer and more efficient products and services”, he highlights.
Menin says the goal is to combine Inter’s digital banking know-how with USEND’s solutions. And in addition to financial and non-financial products, the company wants to invest in online marketing, in order to strengthen its customer base and accelerate growth in the American market.
Source: InfoMoney, CNN
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