Inter and USEND agree on terms of sale
BELO HORIZONTE, Brazil, Nov. 23, 2021 /PRNewswire/ -- Inter (B3: BIDI11), a leading super app, offering financial and non-financial services to more than 15 million customers in Brazil, reached an agreement to acquire 100% of USEND, a US company specializing in offering financial and non-financial services. Upon regulatory approval in both Brazil and the US, which is expected to be completed in the next few months, Inter will strengthen its position as a new player among US fintechs, bringing additional products and services to digital clients globally.
USEND has a competitive digital solution for remitting money between countries. It is also licensed as a financial institution in more than 40 US states, and has more than 150,000 customers.
"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," stated Inter's CEO, João Vitor Menin.
"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," stated USEND's CEO, Fernando Fayzano.
Upon receiving all regulatory approvals, the integration of the two companies will result on having an Inter platform that offers both financial and non-financial products to Brazilian and other immigrant clients living abroad, Brazilian clients wanting to have international products, and the US population in general seeking to gain the benefits from having access to a super App. The USEND acquisition will accelerate Inter's offering in the US.
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