Inter&Co Marks One Year on Nasdaq
With 1.7 million global users in one year since its Nasdaq listing, Inter&Co lays out its plans for the future
BELO HORIZONTE, Brazil, June 23, 2023 (GLOBE NEWSWIRE) -- Inter&Co, Inc (Inter), (NASDAQ: INTR | B3: INBR32), the premier Super App which provides financial and digital commerce services to more than 26 million customers, today announced key significant milestones and achievements in the year since its listing of its Class A Common Shares on Nasdaq on June 23, 2022.
Considered one of the top players in the Brazilian fintech market, Inter has demonstrated a consistent growth trajectory while expanding its successful model and platform to the US. In just a year, the company has already reached 1.7 million global users with more than $USD 200 million in deposits plus investments. These achievements are a testament to the strength of the performance of the business vertical, the company’s latest initiative and product suite that provides consumers with a US bank account and debit card. Global users also have the ability to send remittances, make investments, pay bills, buy gift cards from US brands, and take out mortgages. Looking ahead, Inter remains focused on continuing the success of the current products by introducing additional features to the US market, such as credit cards and insurance products all within a single Super App.
This move follows the first anniversary of Inter's migration from B3 to Nasdaq, a decision that demonstrated the company's commitment to innovation and its long-term vision for the global market. “Leveraging our brand strength, technology, and entrepreneurial mindset, we are proud to celebrate our one-year listing anniversary on Nasdaq, with significant milestones in our global expansion,” said Inter&Co CEO João Vitor Menin. “As we replicate our Super App’s success in the US, we have witnessed robust client adoption and engagement, only affirming our confidence in the company’s ability to deliver best-in-class products to simplify the lives of millions of users beyond Brazil.”
“Inter Global has exceeded our expectations, growing at a much faster pace than anticipated, using a lean investment approach and avoiding customer acquisition costs,” said Santiago Stel, Inter’s Strategy and IR Officer. “We’ve seen remarkable performance driven by an engaged client base, and a tech platform that has enabled seamless expansion into the US market with efficiency. Notably, this achievement has been made possible with minimal investments, rapid adoption, and by leveraging our existing capabilities.”
Inter recently released its Q1 2023 earnings results, which garnered positive market attention with highlights in operational efficiencies and successful client activation strategies. The efficiency ratio reached 62% in the period, 9.5 percentage points less than a year ago. Meanwhile, more than 65% of active customers consume three or more Inter products. The company also reported a robust first quarter in 2023 in terms of total gross revenue, which reached R$1.8 billion, up 41% year-over-year (YoY). Since the latest earnings release on May 8th, INTR stocks grew 71%.
About Inter&Co
Inter&Co is the holding company of Inter Group and indirectly holds all of Banco Inter’s shares. Inter is the premier Super App providing financial and digital commerce services to more than 26 million customers. We offer a complete range of solutions, including banking, investments, credit, insurance and cross-border services, in addition to a marketplace that brings together the best retailers in Brazil and the United States.
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