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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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SoftBank : backed Banco Inter buys U.S. fintech USEND

08/27/2021 | 11:59am EST

SAO PAULO, Aug 27 (Reuters) - Brazilian digital bank Banco Inter SA has reached an agreement to acquire U.S-based financial startup USEND, making its first international inroads, a securities filing showed on Friday.

Inter, which is backed by Japan's SoftBank Group Corp , said USEND offers foreign exchange transactions, payments wallets, debit cards and bill payments to 150,000 customers.

Although currently most USEND clients are Brazilians living in the United States, Inter Chief Executive Joao Vitor Menin said in an interview, his company will target a broad audience to compete with Chime Financial and SoFi Technologies Inc .

"I think there is room for more banking competition in the U.S., with fintechs luring clients from traditional banks," said Menin, adding that USEND's wallets will not charge fees.

The deal value has not been disclosed, but Menin said USEND's acquisition is Inter's biggest move since it listed its shares in 2018.

Units in Banco Inter, comprising one common share and two preferred shares, were up more than 5% in the morning trading following the announcement.

Inter is also eying acquisitions in Europe and in Latin America, the CEO said. Still, Menin said the bank plans to be asset-light outside Brazil, mimicking fintechs, which operate without a full bank license.

Contrary to Banco Inter, most Latin American fintech have expanded within the region or targeted other emerging market countries.

This move by Banco Inter, which has 12 million clients, comes as the bank is working to list its shares on the Nasdaq by the beginning of 2022 to reach a wider range of investors and, maybe, boost its valuation.

Reuters reported earlier this week that Nubank is seeking a valuation above $55 billion in a planned listing in the U.S.

(Reporting by Carolina Mandl; editing by Jason Neely and Steve Orlofsky)


ę Reuters 2021
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 111 B 54 208 M 54 208 M
Net income 2022 1 476 B 13 089 M 13 089 M
Net Debt 2022 15 202 B 135 B 135 B
P/E ratio 2022 8,05x
Yield 2022 0,75%
Capitalization 10 111 B 89 517 M 89 693 M
EV / Sales 2022 4,14x
EV / Sales 2023 4,12x
Nbr of Employees 58 786
Free-Float 69,3%
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Number of Analysts 15
Last Close Price 5 900,00 JPY
Average target price 9 862,00 JPY
Spread / Average Target 67,2%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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