The name of a Latin American superapp is now emblazoned across Orlando, Florida's downtown soccer stadium.
On Jan. 18, Brazilian fintech Inter&Co, which provides banking, investments, insurance, remittance services and more in one app, announced that the stadium for the Major League Soccer team Orlando City SC and National Women's Soccer League team Orlando Pride would be renamed Inter&Co Stadium from Exploria Stadium. Inter&Co is the first financial institution with Latin American roots to own the naming rights of a major stadium in the U.S., according to the company.
Bob Lynch, founder and CEO of sponsorship data provider SponsorUnited, verified this claim, although he points out it is not the first instance of a major South American financial institution investing in a major entitlement in Florida to gain a foothold in the U.S. Brazil-based bank Itaú has been the presenting sponsor of the Miami Open since 2014.
"The partnership is significant and rare," said Lynch. "This aligns with the growth of soccer's popularity in the U.S., particularly in anticipation of the upcoming World Cup. The choice of soccer is strategic, given its popularity in Latin America and cost-effective marketing opportunities compared to buying into naming rights at major pro sports in the U.S."
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Lynch said that naming Major League Soccer venues is growing in popularity among financial services firms in the U.S. The cost is typically lower than with other major leagues, and the audiences tend to be diverse and young. For fintechs specifically, sponsoring sports venues enhances the company's brand recognition in a crowded market, boosts community engagement and opens the doors to new marketing opportunities.
"This is a breakthrough moment for our company as we expand our presence in the United States," said João Vitor Menin, CEO of Inter&Co, in a press release. "It will allow us to connect with Orlando's young and diverse population, including a vibrant Latino community, through our shared love for soccer."
Financial terms of the deal were not disclosed.
Inter&Co will also be able to co-brand and co-create financial products with the Orlando teams, including the team's official debit and credit cards, and extend perks such as lounge access and cash-back rewards for sports apparel at Fanatics.com and Adidas. It also plans to launch financial education programming in the community.
"The ability for us to offer financial literacy classes and resources for our athletes, and even for others in the Orlando community … is going to be really important," said Haley Carter, general manager of the Orlando Prime,
In the Orlando SC website post, the teams highlighted the goal of raising their profile in South America.
"When our GMs and other staff are out recruiting around the world, partnering with someone like Inter&Co, who's really well known in the soccer world, it's helpful," said Jarrod Dillon, president of business operations for teams.
Inter&Co's deposits in the U.S. are held by Community Federal Savings Bank in Woodhaven, New York.
