Banco Inter Acquires FinTech Startup USEND

Brazil-based neobank Banco Inter SA has finalized the acquisition of fintech startup USEND. This acquisition is part of the firm’s efforts to expand its operation beyond the shores of South America. 

Some of USEND’s services include bill payments, debit cards, forex remittances, and mobile wallets. Its platform is home to over 150,000 users. 

A vast majority of USEND’s customer base are Brazilians living in the U.S. but. However, Banco Inter’s  Chief Executive Officer Joao Vitor Menin indicated that his firm seeks to trump and undercut rivals, including Chime Financial and SoFi Technologies Inc., by expanding into new markets and acquiring new users globally.

“I think there is room for more banking competition in the U.S., with FinTechs luring clients from traditional banks,” said Menin. He also stated that USEND’s wallets services will be offered to customers without any additional charges.

Although the value of this acquisition has not been made public, Menin hinted that Banco Inter’s acquisition of USEND is the firm’s biggest move since it listed its shares back in 2018. 

Banco Inter, home to 12million customers, counts Japan-based SoftBank Group Corp. as one of its major investors. 

The company is looking to pursue more acquisition opportunities in Latin America and Europe, as well as to list its shares on Nasdaq by 2022.