By Brazil Stock Guide – Florida is becoming the key battleground for Latin American digital banks seeking to expand into the US, according to reporting from Valor Econômico. The state’s more than 16 million residents with Latin American roots have turned it into a strategic hub for fintechs looking to scale in a market with no dominant digital player.
Incumbents such as Chime, SoFi (SOFI) and Block’s (SQ) Cash App offer narrower product sets than their Brazilian counterparts, opening room for new entrants. Brazilian lender Inter (BIDI11) was the first to establish operations in the state after acquiring US-based fintech Usend in 2021. Nubank (NU:NYSE), which began the process of securing a US banking license this year, and UK-based Revolut are also positioning themselves for expansion.
Inter builds visibility as it scales up US presence
Inter now has 300,000 customers in the US and operates in 45 states, aiming for full continental coverage. Its global account, used largely by frequent travelers, has 4.7 million users. To strengthen its brand in Florida, the bank deployed nearly 300 branded bicycles in Miami, opened a second café, and expanded partnerships aimed at boosting customer perks.
“Our thesis is to offer a global financial app from the US. We have an ‘asset-light’ model, operating through partnerships and becoming the global arm of local partners,” said Cássio Segura, who leads Inter’s US operation.
Inter targets four main groups: travelers, investors, global workers paid in dollars, and small and midsize businesses. The bank already serves customers from 15 nationalities and plans to launch in Argentina in January, following a pilot phase.
Segura added: “We have a much lower cost to serve than the market average, and we leverage synergies with our platform already established in Brazil.”
Inter recently launched a Spanish-language app and, according to Google Trends, is now the most-searched Brazilian banking brand in the US.
Nubank seeks license as it weighs long-term US strategy
Nubank’s bid for a US banking license prompted co-founder Cristina Junqueira to relocate to Miami to oversee the process. Reports suggest the company is negotiating naming rights for Chase Stadium, home to Lionel Messi’s Inter Miami CF — placing it in direct symbolic competition with Inter, which sponsors Orlando City.
Founder and CEO David Vélez said in the company’s third-quarter results that the regulatory process “is unlikely to be completed before 2026.” He emphasized that Nubank is still determining the ideal customer profile, product mix and segmentation for its US entry.
Vélez highlighted the scale of the American market: “Three US states — Florida, Texas and California — each have GDPs equal to or larger than Brazil’s. If we achieve good penetration even in specific segments or regions of the US, that could be a strong S-curve of growth.”
He noted that, in absolute terms, the US presents a more promising opportunity than smaller markets such as Colombia, where Nubank already operates.
Revolut prepares for an intense fight with Latin American rivals
Revolut has earmarked at least US$500 million for its US expansion and is already competing head-to-head with Nubank in Brazil while entering Mexico and Colombia. Juan Guerra, Revolut’s CEO in Mexico, described the looming competition with unusual candor.
“It will be bloody, intense and wonderful, and it will be fun to watch. Millions of people will benefit. We are inspired by them and they are inspired by us,” Guerra said.
With the three fintech giants converging on Florida, the state appears set for a period of fierce rivalry.
Inter says new entrants will help grow the market
Inter sees increased competition as a catalyst for market expansion. “We already compete with them in Brazil, and we will compete in Argentina and in the US. It comes down to the right value proposition, product quality and investment capacity,” Segura said.
Kaio Philipe, Inter’s head of marketing expansion, highlighted the brand’s early move into the American market. “When we put our name on a soccer stadium, we are not only thinking about our 300,000 US customers. It’s a branding strategy to build global positioning, while benefiting users who visit the city.”
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