BELO HORIZONTE-MG, Brazil, May 12, 2023 (GLOBE NEWSWIRE) — Inter&CO Securities, a subsidiary of Inter&Co (NASDAQ: INTR | B3: INBR32) – the holding company of Inter Group – has been granted approval by the Financial Industry Regulatory Authority (FINRA) to operate as an investment broker in the United States. The announcement was made during Nasdaq’s Opening Bell ceremony on Friday, May 12, and marks a significant step in the company’s plans to bring its successful model and platform to the US.
The new development will enable Inter’s customers to access a broader range of international investments beyond equities, REITs, and ETFs, which have already been available for almost a year and attracted around 250,000 customers. The success of the current offering, which allows Brazilian users to invest directly in the world’s largest companies listed on The New York Stock Exchange (NYSE) and Nasdaq exchanges, served as a key factor for the company’s decision to expand its offerings.
“Now, with US brokerage capabilities, Inter can provide more investment opportunities for customers and this expands the accessibility of the company’s investment portfolio products from Brazil to the United States,” said Inter&Co’s CEO João Vitor Menin. “We were the first Brazilian company in the financial sector to enable direct international investments, seamlessly integrated within our Super App used in Brazil, and now wish to grow our successful platform in the United States with a thoughtful, measured approach.”
Felipe Bottino, director of Inter Invest, will be based in the US to oversee the expansion of Inter&Co’s brokerage capabilities. "Initially, beyond our equities services, we will provide additional fixed income and investment funds, most of them managed by Inter Asset, bringing together well-established expertise in fixed income and real estate strategies," said Bottino.
Bottino will join Cassio Segura, the lead on all US Inter operations and executive partner of the recently acquired YellowFi. Bottino will also work alongside John Torola, who will lead brokerage operations. Torola has more than 20 years of experience at FINRA and previously served as chief compliance officer at Alpaca Securities and Wealthfront, the leading robo-advisor for young professionals.
As part of the expansion, Inter is set to receive the RIA (Registered Investment Adviser) registration, which will allow the company to make investment recommendations in the US. With this accreditation, Inter plans to establish a dedicated wealth service division and offer customers the option of investing in managed accounts.
“Our goal is to build and develop the same key features and services that have made Inter Invest one of the most successful fintech platforms with the best user experiences in Brazil. We are committed to maintaining our focus on simplicity and operational efficiency, which will then enable us to provide superior and cost-effective products and services. By the end of the year, we expect these two platforms in both regions to have comparable product offerings,” said Felipe Bottino.
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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