Business
Inter&Co Acquires YellowFi to Expand its Product Offering in the US
BELO HORIZONTE, Brazil, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Inter&Co (NASDAQ: INTR | B3:INBR32), the holding company of Inter Group, which offers the premier
About this update from Inter & Co. Inc.
[{"type":"text","content":"BELO HORIZONTE, Brazil, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Inter&Co (NASDAQ: INTR | B3:INBR32), the holding company of Inter Group, which offers the premier Super App in the Americas providing financial and digital commerce services to more than 25 million clients in Brazil and the US, announces the acquisition of 100% of the share capital of YellowFi Mortgage LLC and YellowFi Management LLC (jointly “YellowFi”). YellowFi is a mortgage originator and fund manager, democratizing access to real estate investing. Its managed fund, Brickell Bay Mortgage Opportunity Fund LP, invests in residential mortgage loans across the United States since 2018. As part of the transaction, Cassio Segura, partner of YellowFi and the former CEO of Banco do Brasil Americas (BB Americas), joins Inter’s executive team to oversee and grow the business. YellowFi helps accelerate Inter’s goal of expanding the suite of solutions offered to clients that want to save, transact and invest in the United States by enabling them to invest in the US real estate sector through YellowFi’s managed fund. The target will benefit significantly from Inter's success with its Global Account, which has already accumulated over US$100 million in deposits and investments across approximately 1 million clients. “This bolt-on transaction illustrates Inter’s approach to inorganic growth and the expansion of products offered to our growing base of clients. We are adding complementary capabilities that are capital-light and that can easily be plugged into our ecosystem, as well as acquiring talent and product expertise,” said João Vitor Menin, Inter&Co CEO. About Inter&Co 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 25 million clients in Brazil and the US. 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. Contacts:GraylingLucia Domville / Fabiane GoldsteinM +1 646. 824.2856/ +1 945.625.4793 [email protected] / [email protected] DISCLAIMERThis press release may contain forward-looking statements regarding Inter growth plans. Statements contained in t...