SoftBank Group Corp, the Japanese investment behemoth, is selling its stakes in several Latin American startups, marking a significant shift in its investment strategy in the region.
The most prominent sale was its stake in Brazilian fintech Pismo, which Visa Inc. acquired for $1 billion. This move allowed SoftBank to more than double its initial investment in just 18 months. Additionally, SoftBank divested its shares in Avenue Holding Cayman, a digital brokerage that allows Brazilians to invest in US securities, to Itaú Unibanco Holding SA, and in Mexican payment firm Yaydoo to PayStand Inc., a leader in blockchain-based B2B payments.
“With the transaction, expected to be completed by the end of the year, SoftBank more than doubled its initial investment in Pismo in 18 months,” said Alex Szapiro, SoftBank’s head of Brazil.
Despite these sales, SoftBank says they remains committed to Latin America. The company has invested $7.6 billion in the region and has $2 billion reserved for future investments in Latin America.
Read more at Bloomberg.com