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EBANX files for US IPO, acquires payment firm Juno

EBANX, a large fintech payment solution provider for Latin America, announced it is acquiring Brazilian payments firm Juno, according to Crowdfund Insider.

The acquisition immediately follows EBANX confidentially filing for a US IPO, with the company announcing that it plans to go public as soon as January and seeks a valuation of more than $10 billion, according to Bloomberg.

Juno is a key player in Brazil’s domestic payments sector, serving over 35,000 SMBs through its billing and payment technology in a rising worldwide fintech market. The company allows merchants to sell online with Pix, boleto bancário and credit cards, a growing need in the previously in-person retail-based country.

“Besides enabling payments with Pix, Juno offers BaaS (Banking as a Service) capabilities and is a member of the Brazilian Interbank Payments Chamber (CIP), which acts as a clearinghouse that validates user data for security purposes and identity check,” co-founder and CEO João Del Valle stated in the announcement.

Juno already has more than 70 million Latin Americans purchasing through its network and processed an average of 200,000 transactions per day and R$4.7 billion ($833 million) in 2020 alone, according to Bloomberg Línea.

The company reached 130% year-over-year growth in that year and is a licensed payment institution by the Central Bank of Brazil, making it valuable for EBANX as it expands across the region and into the US.

Founded in 2012, EBANX works with large technology companies like Spotify, Uber and Amazon to bill clients for products in LatAm. As it prepares for the IPO, the company intends to improve its payment processing in the region, according to co-founder and CEO Joao Del Valle.

The company recently raised a massive $430 million Series B led by Advent International; other funding includes a $30 million Series A in 2017 and undisclosed venture round in 2019, both led by FTV Capital.

In other recent fintech news, Bank of America is reinforcing its fraud prevention with its newest Account Validation product. AmEx also recently deployed its digital business checking account, which includes the launch of the company’s first ever debit card.

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