Business
Inter&Co Surpasses 30 Million Clients, Accelerating Growth Toward Its Five-Year Business Plan
Significant client increase driven by superior app experience and the convenience of meeting financial and commercial needs in one place BELO HORIZONTE,
About this update from Inter & Co. Inc.
[{"type":"text","content":"Significant client increase driven by superior app experience and the convenience of meeting financial and commercial needs in one place\nBELO HORIZONTE, Brazil, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Inter&Co, Inc. (Inter), (NASDAQ: INTR | B3: INBR32), a premier Super App offering financial and digital commerce services, today announced its client base has exceeded 30 million, marking a 24% jump year over year. This significant milestone in number of clients, including Brazilian and US customers, places the company ahead of its \"60-30-30 Business Plan\", presented early in 2023, which aims to reach 60 million clients by 2027 while maintaining a 30% efficiency ratio and achieving a 30% return on equity (ROE). This announcement comes shortly after unprecedented third-quarter earnings report, where Inter&Co demonstrated a record net income of R$104 million, up 62% quarter-over-quarter (QoQ), a record activation rate of 52.7%, and revenue per active client of R$ 48. Total gross revenue also grew by 39% year-on-year to R$2.1 billion. \"After delivering another record-breaking quarter in 2023, reaching the milestone of 30 million clients reinforces 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 integrated with the best solutions to empower people to live a smarter financial life. We're sure the best is yet to come.\" Menin added: “The combination of growth and profitability is the engine that powers our innovative capacity and allows us to continue delivering long-term value to customers and all our stakeholders. Inter has demonstrated exceptional momentum in attracting clients ahead of schedule due to our seamless, well-designed in-app experience, coupled with the convenience of paying bills, saving, investing, shopping, and more in one place – simplifying the lives of millions of users.” In 2023, Inter continued the expansion of its successful model and platform to the US through Inter&Co Payments, providing consumers with access to U.S. dollar-based products and services, including a Global Account with a debit card and a marketplace featuring US brands. Today, nearly 2 million clients access these products and services. Looking ahead to 2024, Inter plans to continue fueling the gro...