Inter & Co, Inc. (INTR) Stock Analysis

Inter & Co’s primary competitive advantage lies in its integrated “financial super app” model, which combines banking, payments, investments, insurance, and a digital marketplace within a single platform. This breadth enables cross-selling and high customer engagement: as of Q3 2025, Inter reported 41 million customers, with over 1 million new active clients added per quarter and a 57% activation rate—metrics that outpace most Brazilian digital banks.

Inter’s cost of funding is structurally lower than peers. In 2024, its cost of funding was 6.7% versus the Brazilian interbank rate (CDI) of 10.8%, reflecting a high share of low-cost retail deposits (79% of funding). This underpins attractive net interest margins (9.7% in Q4 2024) and supports profitable lending.

The company’s technology platform and proprietary data analytics enable rapid product launches and personalized offers, driving efficiency (efficiency ratio 48.8% in Q1 2025) and asset quality (NPLs over 90 days at 4.1%, below sector averages). Inter’s diversified, collateralized credit portfolio further reduces risk compared to monoline lenders.

Relative to rivals such as Nubank and Banco Pan, Inter’s broader product suite and marketplace integration foster higher cross-sell and retention. However, the open finance environment in Brazil lowers switching costs, intensifying competition. Inter’s culture of innovation and customer-centricity, evidenced by industry awards and rapid user growth, remains a key intangible asset.