Inter&Co Grows Its Presence in U.S. Market
The company has its U.S. headquarters in Brickell Key
Digital financial services company Inter&Co continues its advance in the U.S. market with an office in Miami and a partnership with Brightline. Inter&Co is known for a multifunctional financial super app and is hiring dozens of people for its U.S. headquarters in Brickell Key. It has also acquired naming rights to the Major League Soccer venue in Orlando, now called Inter&Co Stadium.
Inter& Co is publicly traded on NASDAQ under the symbol INTR and is part of Nasdaq’s Global Market Select Index. Shares on Oct. 21 were trading at $6.55 and have a 52-week range of $4.12-$7.84.
The company had second-quarter revenue of about $421 million U.S., up 24 percent from the year-ago quarter. Net income of $39 million U.S. up 324% from the same quarter in 2023. (Figures converted from Brazilian reals based on the company’s 2nd quarter financial results.)
The loan portfolio grew by 35 percent and deposits grew by 34 percent.
Inter&Co Global CEO João Vitor Menin has been visiting Miami since he was a child and recently moved there. He is excited to bring the company’s innovative approach to the states.
An Oct. 21 panel discussion at Brightline’s MiamiCentral included Dr. Paula Hopkins, senior VP of Strategic Partnerships and Funding with Miami-Dade’s Beacon Council and Andre Dias Cardoso, head of Global Investments at Inter&Co.
Hopkins said that Brightline and Inter&Co fit in with rapid growth in the technology and innovation scene in Miami-Dade County, which is helping fuel economic growth. Inter&Co will help address underserved communities.
Dias Cardoso talked about how Inter&Co is breaking down barriers for Latino investors. The company embraces an educational component in English, Portuguese and Spanish to teach about saving, investing and the impact of economic issues, such as inflation.
One interesting aspect of the discussion is how Latin Americans are very mobile centric, which has helped fuel adoption of Inter&Co’s financial super app.
In an interview, Vitor Menin said both Brightline and Inter&Co reflect convenience, innovation, good quality, good service and a good value proposition for the consumer, which made for a good partnership. As a child, he remembers the long drives from Miami to Orlando, so he appreciates the ease of Brightline’s service between the two cities.
Read the full interview with Vitor Menin, Global CEO of Inter&Co