Leading Brazilian fintech, Conductor has joined the list of fintechs on a fortunate streak in 2020 with last week’s announcement confirming its latest successful funding round.
Conductor raised $150 million and the funding round was led by Viking Global Investors who was also supported by additional participation from Advent International’s affiliate Sunley House Capital. It has been shared that the new shareholders will be joining the company’s existing institutional investors Riverwood Capital, and Visa Inc. The funding comes following the announcement of a number of company milestones including continued momentum in the firm’s flagship issuer processing business, the acceleration of its banking-as-a-service offering Dock, the acquisition of Muxi, and the launch of the company’s international expansion.
Overall, this is a fantastic result for a company that has had a big year. Known for being a leading card issuing and banking-as-a-service platform throughout Latin America, Conductor currently powers over 85 million accounts, processing over $20 billion in payment volume across the region. Today, the company powers leading fintechs, banks, retailers, and enterprises in Latin America, allowing companies to launch and scale innovative digital accounts and card programs.
This year, the company began an international expansion seeing businesses pop up in Mexico, Peru, Colombia, Argentina, and Ecuador in a short time. Its recent acquisition with POS provider Muxi also means that Conductor will now be responsible for capturing payment transactions from over 2.5 million terminals throughout Latin America.
Despite its potential, there is still room to grow, with Chief Executive Officer, Antonio Soares sharing, “The electronic payments industry in Latin America is some five to 10 years behind Brazil and regulation in the region is pursuing more competition.” The new round of funding is said to be allocated to accelerating Conductor’s product development and international growth to further consolidate a leading position in modern payment infrastructure technology.
Speaking on this Soares added, “The company’s mission is to modernize and democratize the payments stack in Latin America. We have grown our business 10x in the past few years, and we are just getting started. With this injection of capital, we will accelerate our product investment to unlock the massive opportunity ahead in Brazil and across Latin America.” Soares also shared that this will be the company’s last funding round before pursuing an IPO in the U.S.