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Brazilian neobank Inter announced the conclusion of the purchase of US-based digital money transfer Usend as part of its internationalization plan. The completion of the acquisition, first announced in August 2021, follows the clearance from Brazilian and North American regulatory bodies. The value of the transaction was not disclosed.
The purchase will enable the bank led by João Vitor Menin to gradually expand its super app to global markets. Founded by Brazilian entrepreneur Fernando Fayzano, Usend is a regulated financial institution in the United States, offering financial services such as international remittances and non-financial products. The company is in the process of acquiring licenses to operate in the United Kingdom, Portugal and Switzerland.
Inter’s marketplace was launched in the United States in 2021. In the second half of 2022, the company plans to offer products to US residents, such as a digital account.
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Until then, the top priority in the integration process between Inter and Usend is an international account for Brazilians, something that other Inter competitors, such as C6 Bank, have offered for some time. Inter’s product will include features such as transfers and payments in the US, dollar withdrawals in US territory, in addition to a virtual debit card.
“We are joining forces with Usend to reach millions of people around the world. We want to take our products that have already simplified the lives of 16 million people in Brazil to other geographies, starting with the United States. The international account is the start of this path”, Menin said in a statement.
According to Inter, the neobank has a credit portfolio of BRL 16 billion (USD 2.9 billion), shareholders’ equity of BRL 8.6 billion (USD 1.5 billion) and BRL 33.67 billion (USD 6.1 billion) in total assets. The company’s product portfolio encompasses banking, investment, credit and insurance services. In addition, it has an online marketplace with major retailers in Brazil and the US.
