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Advent-backed Brazilian fintech Ebanx delays U.S. IPO

FILE PHOTO: EBANX, a South and Central American payment processor, displays on the exhibit hall floor during the Money 20/20 conference in Las Vegas, Nevada, U.S. on October 24, 2017. REUTERS/Steve Marcus

(Reuters) - Ebanx SA, a Brazilian financial technology company backed by private equity firm Advent International, said on Friday it has delayed its U.S. initial public offering.

“In line with the excellent results it recorded last year, EBANX remains attentive to the best market moment for an eventual IPO,” the company said in an emailed statement.

Ebanx processes payments from clients of global websites that include Airbnb Inc, Uber Technologies Inc and Spotify Technology SA in Latin American countries such as Brazil, Mexico, Colombia and Argentina.

In December, Ebanx bought international money transfer firm Remessa Online for $229 million to grow its payments business. The acquisition was made six months after Advent invested $430 million in Ebanx to fund its growth plans before an IPO.

In 2021, it processed more than double the payments volume it had in the prior year, the company added.

Ebanx had confidentially filed paperwork with the U.S. Securities and Exchange Commission in October last year, according to a Bloomberg News report at the time.

Reporting by Sohini Podder in Bengaluru

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