Spotlight On: Joao Vetir Menin, Global CEO, Inter&Co
December 2024 — After starting nearly three decades ago in Brazil, Joao Vitor Menin, global CEO of Inter&Co, explains why his company considers Miami the optimal launchpad for its fintech platform as it aims to infiltrate the national market, serving as a financial bridge between Latin America and the United States.
What makes Miami a perfect market for the bank?
That’s a good question for kicking off the conversation. First of all, I’d say that we have been expanding to Miami for two years now. When we were talking about which city to go to, Miami was the first choice. It was the right choice for several reasons. Miami serves as a strategic gateway between the U.S. and Latin America, making it an attractive hub for businesses and individuals seeking cross-border financial solutions. This geographic advantage allows us to better serve our clients with international needs. Miami also has a strong sense of community, which resonated with our mission to build meaningful relationships and provide impactful financial services that contribute to the well-being of residents. That’s why we choose to be here.
As well, at the end of the day, it’s also a city that is booming. You see a lot of technology players and considering we are very tech-oriented, this is a good place for us to be and have the exchange of ideas with all these tech companies that are moving to Miami. The city’s commitment to supporting startups and technology-driven companies aligns perfectly with our vision of being a financial super app.
What differentiates your platform from other fintech companies and how do you plan to maintain that competitive edge?
What sets Inter&Co apart from other fintech companies is our commitment to providing a truly comprehensive and convenient financial super app. Our platform consolidates a wide range of financial services in one easy-to-use app. We are not here to serve you only for your debit card, investment account, or cashback deal. We put everything embedded in one single app that we call our super app. It’s super convenient for you- meaning you can save money, invest, do your remittance, pay your bills, use your debit card, and even manage your mortgage. By focusing on convenience, comprehensive services, and a commitment to user satisfaction, we aim to redefine the financial experience and position Inter&co as a leader in the fintech space.
What is your overview of the banking sector in the South Florida region and what opportunities do you see in working here?
Florida has experienced robust economic growth, which creates a strong demand for a variety of financial services. This is where Inter&Co comes in. This region presents unique opportunities for us in the sense that we can develop tailored financial solutions that resonate with everyone. This inclusivity fosters innovation and allows us to cater to a wide range of audiences. All in all, the convenience of our app aligns perfectly with the lifestyles of local and international consumers, who value efficiency in their financial needs.
Our app is empowering users to take control of their financial health, particularly important in a fast-paced region like South Florida. Our plans, however, are to continue expanding and offering services to all communities.
How is your company navigating the current volatile economic headwinds?
It’s an interesting question. The way we position ourselves, we need to be ready. We were founded in Brazil almost 30 years ago. Brazil is a country where we have a lot of volatility as well. Inflation goes up and down, and the GDP can go up and down. So, we learned how to operate in this sort of setting. One of the key goals for our offering is to help our clients make better decisions, save better, invest better, and a volatile market is the perfect place to work on this. Customers in this setting want a bank that will help them make smart decisions.
How do you ensure cybersecurity for your users?
At Inter&Co, we prioritize being best-in-class for cybersecurity while operating on a large scale. With 33 million users, we’ve invested over the past three decades in securing our platform and continuously improving our security measures.
We are committed to implementing the best security protocols available, ensuring that our users’ data is protected against a wide range of threats. Real-Time Monitoring: Our platform utilizes Al to monitor user activity in real-time. This allows us to identify and respond to suspicious actions quickly, ensuring that accounts can be blocked immediately if they show signs of potential compromise. Through these efforts, we are dedicated to providing a secure environment where our users can confidently manage their finances.
How has the process of growing internationally worked for you?
There are two factors that can be our biggest headwinds. The first is on the regulatory side. We had to set up our operations dealing with regulators in many different states. We have all types of regulations. It took us a while to set up, and it was not easy — we still have a lot of work to do. The second thing is about how we build the brand to ensure that we are at the top of people’s minds when they hear ‘digital bank.’
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