Inter and USEND agree on terms of sale
USend's acquisition, pending regulatory approval, will allow Inter to set foot in US and expand its robust portfolio of services and products to US digital customers
BELO HORIZONTE, Brazil, Nov. 23, 2021 /PRNewswire/ -- Inter (B3: BIDI11), a leading super app, offering financial and non-financial services to more than 15 million customers in Brazil, reached an agreement to acquire 100% of USEND, a US company specializing in offering financial and non-financial services. Upon regulatory approval in both Brazil and the US, which is expected to be completed in the next few months, Inter will strengthen its position as a new player among US fintechs, bringing additional products and services to digital clients globally.
USEND has a competitive digital solution for remitting money between countries. It is also licensed as a financial institution in more than 40 US states, and has more than 150,000 customers.
"With USEND's acquisition, Inter adds a solid structure and customer base locally, in addition to USEND's team of experts, including all management team. Other than offering international products and services, Inter will become a fully digital bank in the US, offering cheaper, fairer, and more efficient products and services," stated Inter's CEO, João Vitor Menin.
"The acquisition will strengthen our competitive positioning in the US fintech market. We'll be using USEND's solutions and our digital banking know-how to become the first Brazilian company in the segment to set foot firmly in the United States," he added.
"USEND and Inter share the same mission and values: To make people's lives easier, serving all customers' needs in a world without borders. This transaction is a unique milestone in our company's history, and I am sure that, together, we will be able to create a very strong global platform," stated USEND's CEO, Fernando Fayzano.
Upon receiving all regulatory approvals, the integration of the two companies will result on having an Inter platform that offers both financial and non-financial products to Brazilian and other immigrant clients living abroad, Brazilian clients wanting to have international products, and the US population in general seeking to gain the benefits from having access to a super App. The USEND acquisition will accelerate Inter's offering in the US.
About Inter
More than a digital bank, this is a super app that simplifies people's lives: Inter has reinvented itself and creates everyday products and services for its more than 15 million customers, whether that's taking care of people's finances, shopping online or earning cashback. Everything comes together in the same app; it's simple and fully digital. Inter offers complete services in banking, investments, credit and insurance, in addition to a virtual mall that brings together the best retailers in Brazil and the United States. The company has a broad credit portfolio of R$16 billion, shareholders' equity of R$8.6 billion, and R$33.7 billion in total assets.
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SOURCE Inter
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