DLocal, a Uruguayan payments startup, raised $617.65 million in its U.S. IPO

Uruguayan DLocal, a payments startup, has raised $617.65 million in its initial public offering in the U.S., Reuters reported.

The company, which was founded in 2016, priced its IPO at 29.4 million shares at $21 a share which values the company at about $6 billion. The company sold about 4.4 million shares itself and 25 million shares were sold by its current investors in its public market debut.

DLocal plans to use the funding from the offering to speed up its investments in technology, manage working capital needs and grow the company. The company also plans to look for strategic acquisition of cross-border payment processing companies, software development companies, payment related companies and for “general corporate purposes,” according to Finextra.

BofA Securities, HSBC and UBS Investment Bank acted as joint bookrunners of the public market listing.

The payments sector is heating up lately, recently Paymentus, an electronic billing and payments company, has filed with the Securities and Exchange Commission to secure up to $210 million at a valuation of up to $2.4 billion through a U.S. IPO, Reuters reported. The SEC filing shows that Paymentus, which is based in Washington, is offering 10 million shares priced between $19 and $21 for the public offering, PYMNTS reported.

Meanwhile payments technology company Marqeta has filed to go public with the Securities and Exchange Commission. Despite the many headwinds of 2020, Marqeta’s annual revenue more than doubled to $290.3 million and saw a loss of $47.7 million, CNBC reports.

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