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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.
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.
