SoftBank said to double stake in Brazilian fintech Banco Inter

Photo: Bloomberg

SoftBank Group Corp. has agreed to about double its stake in Banco Inter SA, a Brazilian online lender that offers zero-fee products, a person familiar with the transaction said.

The Japanese technology giant took an 8.1% stake in Banco Inter in July for about 760 million reais ($186 million). It’s acquiring the additional stake from members of the controlling families of the bank, including parts of the billionaire Menin clan, the person said.

Banco Inter Chief Executive Officer Joao Vitor Menin, who holds 5.4% of the lender, isn’t among the sellers, according to the person, who asked not to identified because the information isn’t public. The Menin family founded homebuilder MRV Engenharia e Participacoes SA.

SoftBank and Banco Inter declined to comment.

Tokyo-based SoftBank is on a multibillion-dollar Latin America deal binge, setting its sights on about 300 targets in the region. It’s already spent more than $1 billion of a $5 billion fund it launched in March to fund technology companies in the region.

Banco Inter’s preferred shares have gained more than 500% since the bank went public, among the region’s best-performing IPOs, according to data compiled by Bloomberg.

The company, which started as a real estate-focused bank, reinvented itself as an online lender, offering accounts and zero-fee products while also selling investment and brokerage services.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.