Conductor, a Brazil-based banking and payment software provider backed by payment services firm Visa, received $150m on Friday in a funding round led by hedge fund manager Viking Global Investors.
The round also featured Sunley House Capital Management, a growth equity subsidiary of private equity firm Advent International. The company named Visa and private equity firm Riverwood Capital as investors while announcing the round without confirming their participation.
Founded in 1997, Conductor has built a software platform that enables customers such as banks or retailers to launch their own payment cards or banking services.
The funding will support product development and an ongoing international expansion that has involved the company expanding from its home country to Mexico, Argentina, Peru, Colombia and Ecuador so far this year.
Antonio Soares, CEO of Conductor, told Reuters the round would likely be its last before it pursued an initial public offering, adding: “The electronic payments industry in Latin America is some five to 10 years behind Brazil and regulation in the region is pursuing more competition.”
Riverwood Capital first invested in Conductor in 2014 according to the company, and it added an undisclosed amount from Visa in late 2018.
Goldman Sachs was financial adviser and placement agent for the latest round while Simpson Thacher & Bartlett and Mattos Filho Advogados provided legal advice for Conductor.
