Brazilian POS company StoneCo files for IPO in US

Brazil-based payments processor StoneCo has registered for an IPO of its Class A common shares in the US.

The filing has been made with the US Securities and Exchange Commission, but has not come into effect.

Goldman Sachs & Co, J.P. Morgan Securities and Citigroup Global Markets are serving as global coordinators for the offering.

StoneCO is a POS terminal developer in Brazil which provides companies with handheld payment processors. The platforms support transactions from MasterCard, Visa, American Express, Hiper, and elo, among others.

The company’s platform also includes a mobile app which supports clients with their sales and business management, with tools including real-time reporting.

Earlier in the month, Funding Circle launched its IPO on the London Stock Exchange, reaching £300m. Following the offerings, the company was valued at £1.5bn.

Last month, Brazil-based P2P SME lender Nexoos reportedly raised $530,000 in its pre-Series A round. Investors included the Brazilian family office Loyall and the funds will be used the company’s acquisition of a Brazilian banking license.

Brazil’s FinTech sector was dominated by WealthTech companies last year, with the space accounting for 66 per cent of capital. According to data by FinTech Global, payments and remittance companies only received a 2 per cent share of capital deployed.

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