Benzinga | Jul 27, 2021 01:49PM EDT

Visa-Backed Conductor Prepares for US IPO: Reuters

* Visa Inc (NYSE:V) backed Brazilian payments firm Conductor has hired banks for a U.S. initial public offering that could occur as early as 2021, Reuters reports.

* Capital firm Riverwood Capital is also an essential sponsor of the firm.

* Conductor's tools assist retailers, banks, and financial startups offer credit cards and payment wallets to their clients.

* It powers over 85 million accounts and processes over $20 billion in payment volume across Latin America.

* The investment banking units of Goldman Sachs, JPMorgan, Bank of America, and Credit Suisse will manage the IPO, the report added.

* The share offering will mainly be new stock as the company plans to raise proceeds to expand into new countries, launch products, and engage in M&A.

* Conductor raised roughly $170 million in two tranches in 2020 with Singapore's Temasek Holdings, Viking Global Investors, and Sunley House, an affiliate of Advent International, aiming to enter new countries.

* It aims to tap Latin America's population without a bank account. Conductor started to expand across Latin America to Mexico, Argentina, Peru, Equador, and Colombia in 2020.

* Price action: V shares traded lower by 0.41% at $249.24 on the last check Tuesday.