Inter announces closing of USEND acquisition

Inter, a leading Brazilian super app, offering financial and non-financial services to more than 16 million customers, announced it received all authorizations in both the US and Brazil to acquire 100% of USEND, a US fintech specializing in offering financial and non-financial services to a growing client base of more than 150,000 customers across 40 states.

USEND’s digital money transfer platform lets users make international transactions securely and quickly through the app. The services are currently available for transfers originating in the United States, Brazil and Canada, to more than 60 destination countries.

USEND also offers an American digital account for both individuals and companies to make transfers in US Dollars quickly, safely and 100% online, and processes payments from several international platforms in Brazil, such as: Payoneer, Google, Airbnb, Hotmart, Taboola, TripAdvisor, Udemy and more.

With this acquisition, Inter will accelerate and strengthen its position as a new player among US fintechs, bringing additional products and services to digital clients globally. The plan is to roll out Inter’s Super App capabilities and products to US clients, including the marketplace and cashback, serving as a hub to all the needs they may have in a world without borders.

The integration of the two companies will result on having an Inter platform that offers both financial and non-financial products to immigrant clients living abroad, Brazilian clients wanting to access international products, and the US population in general seeking to gain the benefits from a Super App.

One important differential is the safety offered by this solution. Both Inter and USEND are regulated financial institutions in their countries of origin, which offers superior governance and end-to-end security to all transactions.

“Our digital account will allow the client to buy its air ticket, transfer US dollars to the international account and pay its expenses in the trip, all in a single app. And these are just the first steps. Our planning includes an international account for US residents that is scheduled to be launched in the second semester” stated Inter’s CEO, João Vitor Menin.

Inter ended 2021 with 16.3 million clients and with NPS score of 83 points, in the excellence zone. The marketplace reached nearly $700 million in GMV in 2021, up 200% when compared to 2020, with 2.7 million active clients and a recurrence index of 72%.