Conductor, a Brazil-based card issuer and banking-as-a-service platform has raised $150 million in a funding round led by Viking Global Investors.
Through its API-based, multi-currency platform, Conductor claims approximately 200 corporate customers that manage more than 80 million cards and payment accounts, with more than R$100 billion processed every year.
Following a recent agreement with POS provider Muxi, Conductor will now also be responsible for capturing payment transactions from more than 2.5 million terminals throughout Latin America.
The company additionally powers more than 85 million accounts and processes more than $20 billion in payment volume across Latin America. Conductor started its international expansion this year and now has businesses in Mexico, Peru, Colombia, Argentina and Ecuador.
Antonio Soares, CEO of Conductor, states: “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 told Reuters that the fundraising is probably the company’s last before it undertakes an initial public offering (IPO) in the United States.