Inter Shop: Banco Inter's marketplace surpasses BRL 1.1 billion in gross merchandise value

Inter's platform offers products from more than one hundred partner stores with cashback for its users

Softbank Banco Inter
Inter's headquarters, in the city of Belo Horizonte, Brazil. Photo: Courtesy

Launched in early 2020, Inter Shop, Banco Inter‘s marketplace, topped the BRL 1.1 billion mark in total gross merchandise value (GMV) in a single quarter, according to the bank’s operational preview for Q4-2021.

The data reflects sales driven by Black Friday and Christmas, according to the SoftbBnk-backed Banco Inter. Comparing the same quarter of 2021 with 2020, sales represented a YoY growth of 78%.

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The Brazilian neobank reports that its marketplace reached a sales volume of BRL 3.5 billion in 2021, which represents 201% growth compared to 2020. The platform’s main attraction is its cashback system for purchases made by Inter’s clients.

Inter Shop is one of the company’s main bets to consolidate itself as a super-app, in addition to the “bank”. The initiative is also seen by the company as a way to expand its footprint on international markets. The marketplace is also available in the U.S.

READ ALSO: SoftBank-backed Banco Inter puts its Nasdaq listing plans on hold

“What we are looking at now is the consumer finance movement: doing more finance and less bank. What does this mean in practice? Everything happens within a financial transaction,” explained Rodrigo Gouveia, CEO of Inter Shop, in an interview with LABS in April 2021.

During the last quarter of 2021, the fintech also brought in 474,000 new customers, reaching around 2.7 million active customers in Inter Shop. The company estimates that more than 70% of these customers were recurrent, that is, they used the platform for other purchases in previous quarters.

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