Digital challenger Inter promotes SVP Alexandre Riccio to Brazil CEO
Digital challenger Inter has appointed Alexandre Riccio as the new CEO for Brazil, while current group head Joao Vitor Menin shifts to focus on “global expansion and innovation”.
Alexandre Riccio (left) and Joao Vitor Menin (right). Image: Inter
Riccio, who has worked at Inter for over 10 years, stated in an interview with Bloomberg that he plans to “oversee an even more intense drive to deliver results,” while allowing Menin “more freedom to focus on innovation”.
During his time at the company, Riccio has held several leadership roles, including SVP, where he was tasked with managing Inter’s Brazilian Retail Banking division prior to his recent promotion.
Founded in 1994 and said to have launched Brazil’s first digital checking account in 2015, Inter offers financial and digital commerce solutions through its super-app to over 26 million users across Brazil and recently the US.
The platform includes a retail marketplace and provides services for cross-border payments, credit, insurance, banking and investments.
Menin joined Inter in 2004, and has served as a board member and executive director in the time since, before being named as CEO in 2015. The Menin family is the company’s primary shareholder, reportedly holding an estimated 27% stake.
While at the helm, Menin oversaw Inter’s acquisition of US-based alternative investment firm YellowFi in 2023. At the time, he remarked that the firm was “adding complementary capabilities that are capital-light and that can easily be plugged into our ecosystem, as well as acquiring talent and product expertise”.
