Banco Inter’s IPO in Brazil was the first by a financial institution in the country since 2012. It was also one of the reasons the bank won Euromoney’s award for Latin America’s best digital bank.
The deal was important. It raised around $200 million equivalent and increased the bank’s equity by 2.4 times. It also opened a door – with strong demand and healthy pricing likely to tempt other online banks.
Startups flourishing
Backed by a central bank that is keen to expand fintech as a way of challenging the high interest rates charged by the incumbent banks, startups have been flourishing in Brazil recently.
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