Brazil: Fintech “Super App” Inter&Co to Trade on Nasdaq Later this Month

Inter&Co, a Brazilian Fintech “Super App,” will trade on Nasdaq later this month. Inter&Co recently acquired US-based USEND as part of its transition. Inter claims the title as the first Brazilian digital bank to list its shares on B3 in Brazil in 2018 and it is now migrating its shares from B3 to the Nasdaq. According to its website, June 17 is the last day that shares will trade on B3 with shares trading on the Nasdaq on June 23, 2022.

Inter&Co offers six different verticals: deposits and loans, credit cards, insurance products, investment products, Intershop (marketplace for non-financial products) and cross-border payments.

Inter shared its performance during Q1 2022 last month, reporting:

  • 18.6 million customers as of March 31, 2022, with an average of 33 thousand new accounts opened per business day, in addition to peaks of over three thousand Global Accounts
  • Remittance TPV surpassed USD$ 200 million in Q1 2022
  • Inter’s customers can already trade shares on US-based stock exchanges through a trading platform hosted in the App. More than 50,000 accounts have been opened since the launch
  • Two million active investors, with nearly R$60 billion (around USD $12 billion) in AuC
  • 915,000 active insurance customers, for 18 different products
  • 3.1 million active customers (+504,000 YoY) at Inter Shop, surpassing R$ 1 billion in GMV in Q1 2022
  • One million SMEs and Individual Micro-Entrepreneurs (MEI) clients

Inter&Co believes that by trading on the Nasdaq it will strengthen its positioning as a global technology company with better access to capital markets.

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