Venture Capital: Conductor, The Brazilian Payments Processor, Lands $150M

November 3, 2020 | FinTech, News, Venture Capital
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Conductor has grown its business 10X in the past few years.

Conductor, the Brazilian startup that has become the leading payments & banking as a service (BaaS) platform in Latin America, announced Monday its raise of $150 million. The funding was led by Viking Global Investors , with additional participation from investors such as Sunley House Capital Management, an affiliate of Advent International.  (BusinessWire)

Conductor

Conductor, which is backed by existing investors Riverwood Capital and Visa Inc (NYSE: V), powers fintechs, banks, retailers, and enterprises across Latin America with its cloud native and open API platform. These entities can therefore launch their own digital accounts and card programs.

It currently powers over 85 million accounts and processes more than $20 billion in payment volume across Latin America. Of these, 30 million are active accounts that originate 1.5 billion transactions annually.

Conductor reports a CAGR of 46% since 2012.

“The company’s mission is to modernize and democratize the payments stack in Latin America,” said Antonio Soares, CEO of Conductor. “We have grown our business 10x in the past few years, and we are just getting started.”

Use of funds

With the financing from the latest round, Conductor will expand its international growth and speed up product development.

“With this injection of capital, we will accelerate our product investment to unlock the massive opportunity ahead in Brazil and across Latin America,” Soares said.

His optimism arises from the expectation that more and more persons will access financial services through fintechs or banks. According to Reuters, nearly a third of Brazilians do not yet have a bank account, one of the highest unbanked ratios in the world.

Across Latin America, the situation on banking inclusion is similarly bleak, creating a huge opportunity for fintech companies such as Conductor.

IPO on the anvil?

Speaking to Reuters, Soares indicated that this could be Conductor’s last funding round before it goes public via a listing in the U.S.

He did not disclose the company’s valuation following the funding.

However, he did confirm to Reuters that Riverwood is the controlling shareholder.

Related Story:  Brazilian Fintech Neon Nabs $300M In Series C

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