Inter started as a digital bank in Belo Horizonte and became Brazil's first super-app — banking, investing, shopping, insurance, and crypto all in one place. The company went from zero to 30+ million customers, listed on NASDAQ, and is one of the few Brazilian fintechs that is actually profitable. While Nubank gets all the international attention, Inter quietly built a diversified financial ecosystem that makes money from Day 1 customers.
Founded
2015
HQ
Belo Horizonte, Brazil
Total Raised
Public Company
Founder
Rubens Menin
Status
Public (NASDAQ: INTR)
Website
inter.coTHE ORIGIN STORY
Rubens Menin, a Brazilian real estate developer (founder of MRV Engenharia, one of Brazil's largest homebuilders), launched Inter in 2015 as a digital banking platform. The bank started by offering free digital accounts — a rarity in Brazil where banks charged monthly maintenance fees.
Inter grew by adding products: investments, insurance, a marketplace (Inter Shop), credit cards, and crypto trading. The super-app strategy turned each customer into a multi-product user.
WHAT THEY ACTUALLY DO
Multi-product financial platform. Revenue from net interest income (lending), interchange fees, insurance distribution, investment product fees, marketplace commissions (Inter Shop), and crypto trading fees.
The diversified revenue model reduces dependence on any single product and increases revenue per customer.
THE PRODUCTS
Inter Banking (free digital account and cards). Inter Invest (stocks, fixed income, crypto).
Inter Shop (e-commerce marketplace with cashback). Inter Insurance.
Inter Global Account (US dollar account). Inter Loop (loyalty program).
HOW THEY GREW
Super-app cross-selling. Inter's strategy is to acquire customers with free banking, then cross-sell investments, insurance, credit, and shopping.
The company tracks "activation rate" — the percentage of customers using 3+ products — as its key metric. Higher activation means higher revenue per customer.
THE HARD PART
Profitability at scale. While Inter is profitable, margins are thin and the cost of customer acquisition in Brazil's competitive fintech market is rising.
Competition from Nubank, PicPay, C6 Bank, and traditional banks. The NASDAQ listing helps with international credibility but adds regulatory and reporting complexity.
MONEY TRAIL
IPO (B3)
2018 · Led by B3 São Paulo
$0 raised
NASDAQ Transfer
2022 · Led by NASDAQ: INTR
$0 raised
$2.0B valuation
Follow-On
2023 · Led by Various
$184M raised
$3.0B valuation
WHO BACKED THEM
Public on NASDAQ (transferred from B3 São Paulo). Major shareholders include Rubens Menin and SoftBank.
The company raised capital through public market offerings.
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