Great app experience and the convenience of having all your financial and commercial needs in one place has led to significant client growth
BELO HORIZONTE, Brazil, Dec. 05, 2023 (GLOBE NEWSWIRE) — Inter&Co, Inc. (Inter) (NASDAQ: INTR | B3: INBR32), a leading superapp providing financial and digital commerce services, today announced that its customer base has surpassed 30 million, a 24% increase year-over-year. This significant milestone in customer numbers, which includes customers in Brazil and the United States, brings the company ahead of its 60-30-30 business plan, announced in early 2023, which aims to reach 60 million customers by 2027 while maintaining an efficiency ratio of 30% and achieving a return on equity (ROE) of 30%.
The announcement came on the heels of an unprecedented third quarter earnings report, in which Inter&Co achieved record net profit of R$104 million, up 62% quarter-on-quarter, a record activation rate of 52.7% and revenue per active client of R$48. Total revenue also grew 39% year-on-year to R$2.1 billion.
“Achieving another record-breaking quarter in 2023 and reaching the milestone of 30 million customers confirms the success of our business model,” said João Vitor Menin, CEO of Inter&Co. “We have revolutionized the banking market by launching the first 100% digital account in Brazil and building a super app that brings together the best solutions to enable people to live a smarter financial life. We are convinced that the best is yet to come.”
Menin added: “The combination of growth and profitability is what drives our ability to innovate and enables us to continue to deliver long-term value to our customers and all stakeholders. Inter has demonstrated exceptional momentum in acquiring customers ahead of schedule with a seamless, well-designed in-app experience and the convenience of being able to pay bills, save, invest, shop and more in one place, simplifying life for millions of users.”
In 2023, Inter continued to expand its successful model and platform into the United States through Inter&Co Payments, providing consumers access to USD-based products and services, including global accounts with debit cards and a marketplace featuring US brands. Approximately 2 million customers now have access to these products and services.
Looking ahead to 2024, Inter plans to continue driving customer growth and engagement. A key strategy to achieve this is Inter Loop, a loyalty program launched in May 2023. The program rewards customers with points for credit card usage. These points can be redeemed for a suite of rewards within Inter's digital ecosystem, including cashback, marketplace discounts, investments, and air miles.
About Inter & Co., Ltd.
Inter&Co, Inc. is the holding company for Banco Inter (Inter) and indirectly holds all of Banco Inter's shares. Inter is a leading super app in Brazil, providing financial and digital commerce services to over 30 million customers. Inter&Co Payments provides a global app platform and services in the U.S. through partnerships with other financial institutions. Inter and Inter&Co Payments offer comprehensive solutions in investment, credit, insurance and cross-border services, as well as a marketplace connecting top retailers in Brazil and the U.S.
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