Draft:Inter&Co

Inter&Co was founded on January 26, 1994, by João Vitor Menin in Belo Horizonte, Brazil.^[6][7][8] Originally established as a traditional bank in the 1990s, the company transitioned into a digital bank by 2015.^[9] Since then, it has expanded its offerings beyond traditional banking services to include a digital banking super app, which provides services such as banking, bill payments, savings, investments, and shopping rewards.^{[10][11][12][13][14][15][16]}

In 2023, Inter&Co set up its U.S. headquarters in Miami and completed the acquisition of Granito in 2024 to enhance its operations in the U.S. market. On July 17, 2024, Alexandre Riccio was appointed as CEO of Inter&Co Brazil, with João Vitor Menin transitioning to the global CEO role.^[17][18] By 2024, the company reported having over 30 million clients, representing a 24% increase compared to the previous year.

On September 14, 2023, Inter&Co announced a partnership with Orlando City SC and Orlando Pride to become their official financial services provider. This marked the company's first collaboration with an NWSL club and its second with an MLS team, following a partnership with New York City FC in 2022.^[19] As part of this initiative, Exploria Stadium was renamed Inter & Co Stadium under a one-year naming rights agreement. This made Inter&Co the first Latin American financial institution to secure naming rights for a major U.S. stadium.^[20][21]

In December 2021, the company announced the cancellation of its plans to list on the Nasdaq, opting instead for a share buyback in January 2022. However, the company later pursued a corporate reorganization and, in May 2024, obtained shareholder approval to go ahead with the Nasdaq listing. Following this approval, Inter & Co formally listed its shares on the Nasdaq under the ticker symbol INTR in 2024, migrating from Brazil’s B3 stock exchange. Despite the Nasdaq listing, the company continues to trade on B3 as a Brazilian Depositary Receipt (BDR) under the ticker symbol INBR31, with the BDRs backed by the Class A Common Shares listed on Nasdaq.^[22]

In the second quarter of 2024, Inter & Co reported a 33% year-on-year increase in revenue, totalling 1.9 billion reais ($386.7 million), with a net income of 64 million reais, surpassing analyst projections. The company's client base grew to approximately 27.8 million, with 52.2% of clients utilizing multiple services within its "super app." The loan portfolio expanded by 5.4% to 26.5 billion reais, while non-performing loans over 90 days increased to 4.9%, which the company indicated may have reached a peak. Operating expenses fell to 575 million reais, partly due to a reduction in workforce. Shares of the company rose by 10% in New York, influenced by recent central bank monetary easing policies.^[23]