Brazil's Inter&Co. Wins Fed Approval for U.S. Banking Branch

MIAMI, FL – January 16, 2026 – Brazilian financial technology powerhouse Inter&Co has secured landmark approval from the U.S. Federal Reserve and the Florida Office of Financial Regulation (OFR) to establish a state-licensed international banking branch in Miami. The decision marks a pivotal moment in the company's aggressive international expansion and signals a new competitive force entering the bustling U.S. cross-border finance market.

The approval allows Inter, which began as Brazil's first digital bank and now serves over 41 million customers, to join a select group of foreign institutions permitted to operate a banking branch on U.S. soil. This move will significantly expand its ability to offer regulated financial products beyond its existing investment and remittance services.

"This milestone strengthens our position as a global platform and enables us to deliver even more value to our clients across borders,” said João Vitor Menin, Global CEO of Inter, in a statement. "The U.S. branch allows us to scale our offering, deliver greater value to our clients, and strengthen Inter's position in the international financial system."

A New Player in a Crowded Hub

Inter's choice of Miami is highly strategic. The city has cemented its reputation as the primary financial gateway between the United States and Latin America, ranking second only to New York City in its concentration of international banks. It is home to over 60 international banking institutions and a rapidly growing ecosystem of more than 500 FinTech companies.

In this dynamic environment, Inter will face stiff competition from established global giants like HSBC and Santander, which have long-standing international private banking operations catering to high-net-worth clients from Latin America. It will also contend with a new wave of digital-first competitors, including fellow Brazilian FinTechs like Nubank and global payment platforms such as Wise, which are all vying for a piece of the lucrative cross-border payments and banking market.

However, Inter aims to leverage its unique "super app" model as a key differentiator. In Brazil, its platform integrates a vast array of financial and lifestyle services—from mortgages and credit to an e-commerce marketplace with cashback rewards. The company plans to replicate this all-in-one digital experience, initially targeting the large Brazilian and broader Latin American diaspora in the U.S. before expanding to a wider American audience.

Navigating the Regulatory Gauntlet

The dual approval from the Federal Reserve and a state regulator is a significant achievement that underscores the maturity of Inter's operations. Establishing a U.S. branch is a complex process governed by stringent federal legislation, including the International Banking Act of 1978 and the Dodd-Frank Act. These regulations were designed to level the playing field between domestic and foreign banks, imposing rigorous standards for capital, liquidity, and risk management.

Securing the Federal Reserve's endorsement, in particular, requires a foreign bank to demonstrate that it is subject to comprehensive and consolidated supervision by its home-country regulator. For a digitally native bank like Inter, clearing this high bar sends a powerful message to the market and may pave the way for other international FinTechs looking to gain a foothold in the highly regulated U.S. banking sector.

The state-level license from the Florida OFR further authorizes Inter to conduct a broader range of banking activities, transforming its U.S. presence from a service and investment hub into a full-fledged banking operation capable of offering regulated credit and deposit products.

From Super App to Super Bank

This regulatory green light is the culmination of a multi-year strategy to build a significant U.S. presence. Inter first established its Miami headquarters in 2021 and migrated its shareholder base to the Nasdaq exchange in 2022 to increase its visibility with international investors. That same year, it launched its Global Account to facilitate dollar-based savings and remittances for its clients.

The company's U.S. ambitions accelerated with the 2023 acquisition of YellowFi, a U.S. real estate asset manager, and the 2024 launch of Inter&Co Securities after obtaining a license from the Financial Industry Regulatory Authority (FINRA) to operate as an investment broker. It has also cultivated a physical presence with a client lounge in Orlando, a city with a large Brazilian population.

Until now, Inter's U.S. offerings were focused on payments, remittances, and investments for its 3.1 million global account holders. The new banking branch fundamentally changes this equation. It will empower the company to offer regulated credit and banking products tailored to both U.S. and non-U.S. residents, directly supporting international businesses and individuals with a compliant, technology-driven financial infrastructure.

Fueling an Ambitious Global Strategy

The U.S. expansion is a critical pillar of Inter's ambitious long-term vision, known as the "60-30-30 plan." The company aims to reach 60 million clients, achieve a 30% efficiency ratio, and deliver a 30% return on equity (ROE) by 2027. This U.S. branch is expected to be a key driver of these goals by providing access to a more efficient funding mix and lowering client servicing costs.

This strategic move is backed by strong financial momentum. In its most recent reporting for the third quarter of 2025, Inter announced a record net income of BRL 336 million (approximately US$63.2 million) on revenue of BRL 2.1 billion, representing a 39% year-over-year growth in profit. It achieved a 14.2% ROE while expanding its active client base to 24 million. The new Miami branch will serve as a digital-first banking hub designed to connect clients across borders with enhanced speed and transparency, further fueling the company's growth trajectory as it takes on the American financial establishment.