Brazilian digital lender Banco Inter has brokered a deal to acquire a 100% stake of American fintech firm USEND.
The financial value of the deal, which awaits regulatory approval in Brazil and the US, has not been disclosed.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
USEND offer financial and non-financial services such as foreign exchange transactions, payment wallets, debit cards and bill payments.
With a license to operate as a financial institution in over 40 states of the US, USEND is expected to strengthen Inter’s position as a fintech in the country.
Inter CEO João Vitor Menin said: “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.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataUSEND CEO Fernando Fayzano said: “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.”
The acquisition, which was announced in August this year, is expected to close in a few months.
Last month, media reports emerged that SoftBank-backed Inter has hired banks to manage its listing in the US.
Earlier this year, StoneCo invested nearly $471m (BRL2.5bn) and acquired a 4.99% stake in the Brazilian lender.
