Inter & Co, Inc. INTR

The business

Inter & Co is the Belo Horizonte super-app bank: a full digital banking license wrapped in checking, credit cards, payroll and real-estate secured lending, an investment platform, insurance, and a shopping mall, sold to 45.3M clients with a 58.3% activation rate, adding 3.7M actives over the last twelve months. The engine is the credit book funded by cheap transactional deposits; net interest income plus underwriting drove most of the 32% net revenue growth in Q2 2026, and the loan mix has been deliberately rotated toward collateralized products, with the new private-payroll loan line as the growth vehicle of the moment. The moat, named and left for deeper work, is the deposit franchise: a mass-market client base that keeps funding costs among the lowest in Brazilian banking.

What the financials don't show is regime and vintage. Brazil is running double-digit policy rates, which suppresses every Brazilian financial's multiple while fattening deposit spreads, and the private-payroll product Inter leaned into is young; its first vintages are seasoning right now, which is exactly where the Q2 credit noise came from. Management's stated North Star, the 60/30/30 plan, targets 60M clients, a 30% efficiency ratio, and 30% ROE by 2027, per the company's investor materials; the last two quarters moved every metric toward it except credit.