Inter Buys Fintech Invested by Lemann and Enters the US Market

USEND has 150,000 customers and offers remittance, wallet, debit card and bill payment; business will serve as the basis for Inter’s operation in the American market.

Inter has taken a new step in its expansion strategy: it has just announced the purchase of American fintech USEND, specialized in remittances and operating in the United States, Canada and Brazil, according to a relevant fact sent to the market this morning .

“With the acquisition of USEND, Inter plans to start its financial activities in the United States, expanding its offer of financial and non-financial products for both American residents and its Brazilian clients”, says Inter in the relevant fact.

USEND is an American company with more than 150 thousand customers, 16 years of experience in the foreign exchange and financial services market, such as money transfers between countries. Two years ago, it received a contribution of around 20 million reais from Jorge Paulo Lemann and from Pier 18, the venture capital fund owned by Marcelo Peano, from Volt Partners.

It was founded by Brazilian Fernando Faysano, who arrived in the United States about 30 years ago, as a jiu jitsu teacher and later as the owner of an import and export company. “I needed to move money between the United States and Brazil and it was a very difficult process,” he told EXAME two years ago.

It was born as Pontual Money Transfer and has licenses to operate in more than 40 American states and can offer American residents services such as wallet, debit card and bill payment, among others. Its customer base also has access to purchase gift cards and recharge cell phones.

The acquisition of USEND predates Inter’s planned debut on Nasdaq. At B3, the bank’s units more than doubled in value this year (+104.51%). On Thursday, the units soared 4.56% with rumors about Nubank’s IPO, which could lead to an upward revaluation of the digital banking business.