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.
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.”
USEND 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.