Brazilian digital lender Banco Inter has reportedly reached an agreement to acquire US-based startup USEND for an undisclosed sum.
The fintech firm offers foreign exchange transactions, payment wallets, debit cards and bill payments to 150,000 customers, Reuters reported citing Banco Inter’s securities filing.
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As per the report, Banco Inter CEO Joao Vitor Menin said that his company aims to target a broad customer base to compete with the likes of Chime Financial and SoFi Technologies.
“I think there is room for more banking competition in the U.S., with fintech luring clients from traditional banks,” Reuters quoted Menin as saying.
He added that USEND’s wallets will not charge fees, which is mostly used by Brazilian nationals living in the US.
The acquisition, Menin said, is its biggest since the firm got listed in 2018.
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By GlobalDataMenin revealed that Banco Inter has plans to make acquisitions in Europe and Latin America. However, Menin said, the lender plans to be asset-light outside its home market.
SoftBank-backed Banco Inter offers a suite of banking, marketplace, credit, insurance, investments products and services to individuals. It had 10.2 million users as of 31 March 2021.
In May this year, payment firm StoneCo inked a definitive investment agreement to invest up to $471m (BRL 2.5bn) in the digital bank.
In September 2019, Japan’s SoftBank Group signed an agreement to increase its shareholding in Banco Inter from 8.10% to 14.94%.
