Banco Inter to Gain Full Ownership of Merchant Acquirer Granito

Brazilian bank Banco Inter, a business unit of Inter&Co, plans to acquire the remaining 50% of merchant acquirer Granito, giving it full ownership of the company.

Granito, which provides financial services to more than 100,000 small- to medium-sized businesses across Brazil, will be renamed Inter Pag, Inter&Co said in a Tuesday (May 28) press release.

The transaction is subject to regulatory approvals and other conditions, according to the release.

Banco Inter already owned 50% of the company, per the release.

“By fully owning Granito, we will further enhance our value proposition to our customers, making our financial super app a full suite of solutions to business owners and entrepreneurs,” Joao Vitor Menin, CEO of Inter&Co, said in the release. “It also further expands our footprint in the Brazilian market.”

Granito will join the Inter ecosystem that currently includes banking, investments, mortgages, credit, insurance and cross-border payments, according to the release.

The acquisition will bolster Inter’s portfolio, generate operational synergies and facilitate cross-selling opportunities within its financial super app, the release said.

With the addition of Granito’s offerings, Inter will reinforce its digital platform, enhance its ecosystem and strengthen its position as a partner for entrepreneurs and small businesses in Brazil, per the release.

“This is another step to continue disrupting the financial services industry by creating convenience, driving operational excellence and delivering value to our shareholders as outlined in our 60-30-30 plan,” Menin said in the release.

Inter&Co started in Brazil with a credit portfolio that in turn led to fashioning a digital retail banking franchise, Menin told PYMNTS’ Karen Webster in an interview posted in August 2022.

“Unlike the other banks in Brazil, we have everything in one single app, one that is convenient, and that has a good value proposition and a good UX [user experience],” Menin said.

In February 2023, Inter&Co acquired real estate investing solution provider YellowFi to expand the ecosystem of products it offers in the United States.

That transaction added YellowFi’s mortgage originator and fund manager to Inter Group’s super app that provides financial and digital commerce services in both Brazil and the U.S.

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