Brazilian cross-border payments firm Ebanx has announced a $430 million investment round from private equity firm Advent International today (15) as it prepares for an initial public offering (IPO) in the United States. The new cash will fund the ongoing expansion across Latin America for the company, which acts as the payment’s processor for brands such as Amazon, Spotify and Uber using a technology platform which allows companies to tap into a pool of over 70 million consumers through hundreds of different payment methods across the region. Ebanx has processed over $3.5 billion across and 150 million transactions in 2020 alone. Of the total amount raised in this new round, $30 million will go towards the company’s preparations towards its IPO, which should happen in the next 12 months. According to the fintech, it is more likely the listing will take place at NASDAQ, due to its portfolio of tech companies that are similar to Ebanx. The current valuation of the startup, valued at over $1 billion after an investment led by FTV Capital in 2019, has not been disclosed.
This is Advent’s largest investment in a tech company in Latin America. This is also the first time the private equity firm invests through all of its funds, Latin American Private Equity Fund, Global Private Equity, Advent Tech and Sunley House Capital. Ebanx chief executive João del Valle told Forbes the company would be seeking new capital to fund objectives that include acquiring stakes in commercial banks to strengthen its back-office operations. The company also made a series of changes in its top leadership in readiness for its upcoming IPO.