Miami Brokerage for Brazil’s Middle Class Plans to Become a Bank

A Miami-based digital brokerage that agreed to sell control to Itau Unibanco Holding SA last year is looking to its next chapter: becoming a bank.

Avenue Securities, which serves middle-class Brazilians investing in the US, saw its assets under custody almost triple to $3 billion after the deal with Itau became public in July 2022. Its client list surged 63%, to 800,000.

“We are on a journey to become a bank, although there is no final deadline for that,” Roberto Lee, Avenue’s chief executive officer and founder, said in an interview. “We are already offering checking accounts ...