Tuesday 27 July 2021 4:09 pm

Visa-backed Brazilian payments firm Conductor eyes US IPO

Brazilian payments firm Conductor has tabled plans for a US initial public offering that could come as soon as this year, according to reports.

Conductor, which is backed by Visa, has already hired banks for the IPO, Reuters first reported citing three sources close to the matter.

No figure has yet been put on the listing, nor has it been confirmed with the US market the firm is scoping out.

Although the continent faces an array of financial challenges – including high-interest rates, unique local payment systems and a large unbanked population – fintech firms are becoming more prevalent.

The company allows retailers, banks and financial startups to offer credit cards and payment wallets to their clients.

Investment heavyweights Goldman Sachs, JPMorgan, Bank of America and Credit Suisse are set to manage the offering, the sources said.

If the IPO goes ahead, Conductor will be the third Brazilian payments company to list on the US stock market, following StoneCo and PagSeguro Digital.

Conductor raised some $170m last year which has helped the company expand into Mexico, Argentina, Peru, Ecuador and Colombia.

The share offering makes way for extra funds to bolster its expansion plans and engage in M&A.