Inter bank closes deal to buy fintech USEND in the US

Source: Disclosure

SAO PAULO (Reuters) – Banco Inter (BIDI11) announced this Friday that it has signed an agreement for the acquisition of North American fintech USEND, which operates in the foreign exchange and financial services market, including remittances between countries.

With the acquisition, if completed, Inter plans to start its financial 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 is subject to the finalization of the respective definitive instruments and other conditions, including regulatory approvals.

According to the Brazilian digital bank, 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.

The main executives, led by the founder and CEO of USEND, will continue to lead the North American operation, leading the integration process, as well as the “expansion to adjacent markets such as credit and brokerage, which are in the Inter plans for the American territory”.

The bank did not inform the transaction amount.

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