Brazilian fintech StoneCo raises US$1.5B in IPO

LatAm ListStoneCo just became Brazil’s fourth unicorn of the year, raising US$1.5B in their IPO in October 2018. The credit card processor priced their stock above the suggested price range, selling at US$24 per share.

StoneCo kicked off the IPO process with commitments from Chinese financial firm Ant Financial and Warren Buffet’s Berkshire Hathaway for millions of shares each. StoneCo plans to use the income for acquisitions, mergers, and for future growth. The startup is also planning to offer banking services and a loyalty program.

The shares were made available today on NASDAQ, despite speculations that brought the market down by 4.4 points. This investment is the second move into Brazilian fintech this month, after Tencent invested US$180M into neobank Nubank.

Read more about the IPO here:

Bloomberg coverage

Reuters coverage

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