Shareholders approve Inter’s C

To register in the United States, Inter will rename the company to Inter&Co

BELO HORIZONTE, Brazil, May 12, 2022 /PRNewswire/ — Banco Inter SA (B3: BIDI3, BIDI4 and BIDI11) (“Inter”), a leading super app, offering financial and non-financial services to more than 18 million customers in Brazil, announced that at its extraordinary general meeting (EGM) held today, the company’s proposed corporate reorganization was approved by more than 85% of the total number of outstanding shares present . The United States Securities and Exchange Commission (SEC) had already approved the amendment to the registration statement filed by Inter&Co earlier this month.

Joe Vitor MeninCEO of Inter, said: “I would like to thank all the shareholders who participated and approved the reorganization of the company at today’s EGM. As a result, Inter will transfer its listing to Nasdaq in an unprecedented transaction in Brazil. This will allow Inter&Co to access the largest capital market in the world, paving the way for additional sources of funding as the company continues its solid pace of growth. By listing in the United States, Inter will have a more efficient capital structure with greater flexibility to pursue its expansion plans, thereby generating additional value for all stakeholders.”

Introducing Inter&Co: launching a new brand that better represents the Global Super App
Inter will be listed as Inter&Co (formerly Inter Platform), a holding company that brings together all financial and non-financial subsidiaries, including USEND and other acquisitions made in 2021, to deliver the Super App ecosystem to the international.

Inter seeks to position itself as a leading global super app by replicating its successful business model implemented in Brazilstarting with United States. Earlier this year, Inter completed the acquisition of USEND, an American fintech company focused on cross-border payments. With this acquisition, Inter became operational in the American market.

Corporate governance
Following the corporate reorganization, Inter’s majority shareholder will directly control Inter&Co and will indirectly control Inter through ownership of Class B shares, which carry 10 votes per share. This structure will allow Inter to raise additional equity in the future to implement its growth strategy while complying with Brazilian Central Bank regulatory requirements – which require Brazilian financial institutions to have a shareholder or defined control group.

Next steps
Following the approval of the EGM, shareholders will have up to May 20, 2022 to elect to receive their current shares in BDRs listed on B3, which will be backed by Class A shares issued by Inter&Co listed in the United States (the “RDB Option“), or receive money (the “Withdrawal option“). The exchange price was set on the basis of an assessment by PwC, based on the weighted average price of the last 30 trading days before the announcement, equivalent to R$19.35 per unit (composed of one ordinary share and two Inter preferred shares). The Cash Out option is only available to Inter shareholders registered on the April 15, 2022, the date of the announcement. The Cash Out option has a limited redemption amount of 1.13 billion reais, equal to 10% of the outstanding shares of Inter. If the Cash Out request exceeds the stipulated limit, then the amount will be distributed pro rata among all the requesters, and the difference between the quantity requested and the quantity received will be delivered in BDR.

Inter performance milestones in Q1 2022

  • 18.6 million customers of the March 31, 2022with an average of 33,000 new accounts opened per working day, to which are added peaks of more than three thousand global accounts
  • Remittance POS exceeded $200 million in Q1 2022
  • Inter customers can already trade stocks on US exchanges via an international trading platform hosted in the Super App. Over 50,000 accounts have already been opened since launch
  • Two million active investorswith close R$60 billion (around 12 billion US dollars) to AUC
  • 915,000 active policyholderswhich offers a portfolio of 18 products
  • 3.1 million active customers (+504,000 YoY) at Inter Shop, exceeding 1 billion reais in GMV in Q1 2022
  • One million SMEs and Individual Micro-Entrepreneurs customers (MEI)

Further information
Inter would like to thank its shareholders for approving the corporate reorganization during the EGM. For more information on the next steps, follow our social networks or our investor relations website: https://ri.bancointer.com.br/ or send a message to [email protected].

About Inter
More than a digital bank, it’s a Super App that simplifies people’s lives: Inter is reinventing itself and creating everyday products and services for its more than 18 million customers, whether people’s finances, shop online, send money abroad or earn cash back. Everything is gathered in the same application; it’s simple and completely digital. Inter offers comprehensive banking, investment, credit, insurance and money transfer services, in addition to a virtual shopping center that brings together the best retailers of Brazil and United States. The company has a large credit portfolio of 16.8 billion reaisequity of R$8.6 billionand R$36.5 billion of total assets at December 31, 2021. On January 25, 2022Inter has completed the acquisition of USEND, a US fintech specializing in providing financial and non-financial services to a growing customer base of over 150,000 customers in 40 states.

contacts:

Shadow
Lucie Domville / Fabienne Goldstein
M +1 646.824.2856/ +1 954.625.4793
[email protected] / [email protected]

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