When Joao Vitor Menin took over his family’s banking business, it was a mere sideline to his father’s empire of low-income housing. Four years later, with funding from SoftBank Group Corp., it’s grown into the clan’s largest asset and one of Latin America’s hottest fintech ventures.
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Fintech in Brazil Vows to Prove Goldman, Morgan Stanley Wrong
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His online lender, Banco Inter SA, became a stock-market darling by offering digital banking and zero-fee investment products to the masses. SoftBank snapped up a roughly 15% stake this year as the business looks to transform itself into a Brazilian version of Chinese juggernaut Alipay, blending payments and commerce in a platform that Menin likes to call “a super app.” If the strategy succeeds, Banco Inter would get a few cents every time a product is sold in its online environment.
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