MoFo Advises Banco Inter on Acquisition of Pronto Money Transfer

Morrison & Foerster advised Banco Inter S.A., a publicly traded Brazilian digital bank and its affiliates, in connection with its acquisition of Pronto Money Transfer Inc. (also known as “Usend”), a fintech company established in the United States and with subsidiaries in Brazil, Canada, and the United Kingdom. On November 22, 2021, Banco Inter entered into a definitive agreement to acquire Pronto Money Transfer in a stock and cash transaction valued at approximately $157 million. The consummation of the transaction is subject to certain regulatory approvals in the United States and Brazil.

This acquisition will strengthen Banco Inter’s portfolio by complementing its growth and expansion agenda. Banco Inter’s agreement with Pronto Money Transfer will expand Banco Inter’s operational reach within the Brazilian market as well as in the United States and abroad, and expand Banco Inter’s product offerings.

The MoFo team advising Banco Inter was led by Miami-based Latin America Desk co-chair Randy Bullard, together with Miami corporate associate Astrid Menendez-Muharram, along with executive compensation partner Amanda Hines Gold and associate Yuan Xia, tax partner Anthony Carbone and associate Katherine Erbeznik, and finance partner Marc-Alain Galeazzi and of counsel Evan Minsberg.

Banco Inter’s in-house counsel: Ana Luiza Vieira Franco Forattini, Márcio Moura de Paula Ricardo and Mariana Silveira Viotti; and Business Team: Eduardo Lopes Carvalho de Silva and Diogo Borges Fonseca de Andrade