🔔 The dashboard: Brazil’s benchmark stock index Ibovespa lost 1.13 percent this week. Meanwhile, the Brazilian Real lost 1.92 percent against the U.S. Dollar this week.Â
- Biggest gains: Mafrig (food), +8.46 percent.
- Biggest drops: Estácio Participações (education), -20.71 percent.
Inter has its sights set on the U.S. market
The first ever Brazilian company to migrate shares to a U.S. stock exchange, Inter & Co. – which encompasses Inter operations in Brazil and recently-acquired U.S.-based fintech Usend – expects to have 1 million customers using its global accounts by year-end.
Why it matters. Inter follows the same growth recipe as other Latin American digital banks, but with a twist. With Usend, an international remittance fintech, Inter’s target audience now stretches to Brazilian immigrants living in the U.S. and Brazilian investors interested in investing abroad in a more self-service way.
- Inter does not offer advisors. Those using the app (over 141,000 clients) must know what they are doing when it comes to investment.
- Remittances are the main product used to attract Brazilian immigrants, whose numbers are estimated between 502,000 (per the U.S. Census) and 1.7 million (per Brazil’s Foreign Affairs Ministry’s 2020 figures).
State of play. Inter closed Q2 with 20.7 million customers, a 73-percent annual increase, making it the third-largest neobank in Brazil, after Nubank and Banco Pan. Of these, 10.7 million are active customers.
- Expanding to developed countries abroad, like the U.S., rather than focusing on Latin America, is a markedly different strategy from its peers. The...
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