The news: Brazilian super app Inter listed on the NASDAQ and said that its newly launched US operations are geared toward immigrants, per PYMNTS.
Coming to the US: Inter’s entry into the US market started with its Banco Inter services. Earlier this year, its banking arm acquired Los Angeles-based Usend, which provides global accounts and remittances to Latin America.
At the company’s NASDAQ listing this week in the US, the super app’s CEO, João Vitor Menin, said he isn’t concerned about the turbulent stock market because demand for Inter’s stock is strong.
- He also said the company is well capitalized and the app does not need to raise any additional funding through the stock market.
- As a licensed banking entity in the US, Banco Inter sources income from interest, as well as fees from its investment and insurance platforms.
The bank has already opened branch locations in California and Florida, and plans to tap into immigrant populations to promote Usend for remittances.
Super app superstore: As more aspects of consumers’ lives become digitized, they’re getting hungry for seamless navigation across all of their digital channels.
- 67% of US consumers say they want to consolidate their digital lives, according to a study done by PYMNTS.