Inter & Co, Inc.

What they do

Inter & Co operates a digital bank (Banco Inter S.A.) and a diversified financial services ecosystem, including credit cards, loans, investments, insurance, and a marketplace. It also serves customers through digital asset services and securities distribution, with operations in Brazil, the U.S., and Portugal.

Revenue drivers

• Banking (Banco Inter S.A.) — The core commercial bank generates revenue from interest on loans, credit cards, and other credit products, as well as fees from banking services.
• Securities and Investments (Inter Distribuidora) — This subsidiary earns brokerage fees and asset management revenue from its securities distribution and investment platform, including fixed income funds.
• Marketplace (Inter Marketplace) — The marketplace platform earns commissions and fees from intermediated transactions between buyers and sellers, leveraging the bank's customer base.
• Digital Assets (Inter Digital Assets) — This virtual asset service provider generates fees from cryptocurrency and digital asset trading and custody services.

Recent performance

Total revenue for fiscal year 2025 was BRL 11.8 billion, up from BRL 9.6 billion in 2024, reflecting growth across banking and marketplace segments. Net income grew to BRL 1.3 billion in 2025 from BRL 0.8 billion in 2024, driven by higher interest income and lower credit costs. Customer base expanded to over 40 million, with deposits increasing to BRL 50 billion. Operating efficiency improved, with cost-to-income ratio declining to 45%.

Strategy

Management focuses on scaling the digital platform by expanding its customer base and deepening product penetration. Investments are directed at enhancing the marketplace, growing the credit portfolio with disciplined underwriting, and expanding digital asset services. Geographic expansion outside Brazil, particularly the U.S., is a priority. The company leverages technology to reduce costs and improve customer experience.

Risks

• Credit risk — Expansion of the loan portfolio could lead to higher default rates, especially in a deteriorating Brazilian macroeconomic environment.
• Regulatory risk — Changes in Brazilian banking or crypto regulations could impact operations, particularly digital asset services and marketplace.
• Interest rate exposure — Volatility in Brazilian Selic rate affects net interest margin and demand for credit and investment products.
• Competition — Intense competition from other digital banks and fintechs could pressure market share and fee income.

Outlook

Management sees continued growth in customer base and revenue, targeting higher profitability through operational leverage. The outlook is positive for credit, marketplace, and digital asset segments, with expansion into the U.S. market. However, near-term performance depends on Brazilian economic conditions and consumer credit health.