Banco Inter has secured backing from Softbank and the market approves.
The Banco Inter share price rose by around 25% on 30 July following news of Softbank’s investment.
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Banco Inter is raising BRL1.3bn ($350m), the majority of which is being invested by Softbank.
The Banco Inter investment follows Softbank taking a stake in Brazilian lending platform Creditas in July. The Softbank investment in Creditas values it at about and will fund future expansion to other Latin American countries.
Banco Inter is anything but a start-up. On the contrary it will be 25 years old in September. For its first 23 years, Banco Inter enjoyed only modest growth.
Banco Inter share price quintuples
It claims to be the first 100% digital bank in Brazil. And it claims to be the only bank to provide a digital current account free of charge.
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By GlobalDataThe former Banco Intermedium rebranded as Banco Inter in 2017.
But its phenomenal growth really dates back to its IPO in 2018. Since the IPO Banco Inter has taken off. Specifically, the Banco Inter share price has quintupled.
At the same time, customer numbers have soared. Banco Inter ended the first quarter of 2018 with only 536,000 digital accounts. By the end of the second quarter this year that number has soared to 2.5 million.
The bank will use its latest funding to power growth and expand its services beyond its mobile banking app.
Meantime, Brazilian digital fintech Nubank continues to go from strength. Nubank raised an additional $400m in Series F round led by US investment firm TCV on 29 July.
Nubank has now raised a total of $820m in seven rounds and is currently valued at around $4bn.
It has also expanded its product portfolio, to include personal loans and digital savings accounts for consumers and SMEs. Overall, Nubank customer numbers now exceed 12 million.
