After raising BRL 1.3 billion ($343.8 million) in a share offering earlier this week, Banco Inter‘s stocks rose more than 20% yesterday in the Brazilian stock market, ending the day with an increase of 17.5% and a price of BRL 47.40 per unit. 

Leveraging investor’s confidence, the announcement by Softbank to purchase BRL 1 billion worth of shares from Banco Inter boosted the Brazilian bank’s share price, especially since the total shares sold were BRL 1.3 billion – making the Japanese group the biggest player in this latest deal. This is the first time that Softbank invests in a company listed in the Brazilian stock market.

Meanwhile, Bradesco, Itaú, and Santander’s shares dropped after Q2 earnings announcements.

Also read: Nubank is the first startup in Brazil to be valued at $10bi