Inter enters the US with purchase of USEND digital bank

Banco Inter announced the acquisition of the USEND company, specialized in offering financial and non-financial services in the American market. With the initiative, which still depends on regulatory approvals, the bank starts to compete with the companies Chime and SoFi in the field of digital banking.

With more than 13 million customers in Brazil, Inter is now establishing itself as the “first Brazilian company in the segment to set foot firmly in the United States”, said CEO João Vitor Menin.

USEND has a competitive digital solution for remitting money between countries, with a financial institution license in more than 40 US states, and more than 150,000 customers.

USEND also operates in the debit card, gift cards, cell phone recharge market and should launch by the end of the year its investment and insurance platform, in addition to credit card.

Inter hopes to combine the know-how of digital banking with the solutions of the newly acquired company. In addition to offering financial and non-financial products, the intention is also to invest in online marketing, leveraging the customer base and accelerating share capture within the American market, the largest in the world.

“Inter will have the advantage of having a solid structure and customer base, positioning itself as a full digital banking in the US, offering cheaper, fairer and more efficient products and services”, added Menin.

/ Disclosure / Inter