Japan’s SoftBank Group has signed an agreement to increase its shareholding in Brazilian lender Banco Inter from 8.10% to 14.94%.

Reuters reported this citing a document filed by Banco Inter.

The move comes months after the Brazilian lender raised BRL1.3bn ($350m). Majority of this amount was said to be invested by SoftBank.

The agreement, signed with Banco Inter’s controlling shareholders, also entitles the Japanese firm to appoint one member to the bank’s board.

In March, the Japanese firm raised a $5bn fund to support its investments in Latin America. The latest move is expected to further bolster its presence in the Brazilian banking sector.

SoftBank also invested in Creditas, a lending platform that offers consumer and real estate loans.

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By GlobalData

Banco Inter claims to be the first 100% digital bank in Brazil, offering a digital current account free of charge.

At the end of the Q2 2019, Banco Inter had around 2.5 million customers. The figure is a significant jump over 536,000 digital accounts reported in the first quarter of last year.

Banco Inter’s market capitalisation is around BRL13.6bn, added the news agency.

In July this year, another Brazilian fintech Nubank raised an additional $400m in Series F round. The round was led by US investment firm TCV.

It intends to use the investment to accelerate its international growth and strengthen its footprint in Latin America.