Brazil’s CloudWalk valued at $2.15 bln after Coatue-led investment

- Advertisement -


Nov 17 (Businesshala) – Brazilian fintech company Cloudwalk said on Wednesday it was valued at $2.15 billion after a funding round led by Coatue, an investment firm focused on companies in the technology, media and telecommunications sectors.

- Advertisement -

The shift to online shopping and the Internet boom during the COVID-19 pandemic have made Latin America a hotbed of fintech growth.

- Advertisement -

The company, whose platform integrates blockchain and artificial intelligence, said the $150 million round also saw participation from investment firms DST Global, A-Star, The Hive Brazil, Plug and Play Ventures as well as Valor Capital Group. Went.

This round raised the total capital to $365 million.

- Advertisement -

Gokul Rajaram, an angel investor who sits on the boards of Coinbase Global Inc. and Pinterest Inc., and footballers Larry Fitzgerald and Calvin Beacham also participated in the round.

CloudWalk said it will use the money to fund investments and hiring across its product portfolio. It also expects to use the funds for international expansion, with plans to roll out the platform in the US and Europe within the next two years.

“As the global payments market continues to evolve rapidly, we believe that blockchain will soon become the dominant source for all future payment processes,” said Luis Silva, Founder and CEO.

So Paulo-based Cloudwalk’s platform processes more than $2.4 billion in transactions annually, according to its website.

In another move by the fintech boom in Latin America, Brazilian online lender Nubank was targeting a valuation of more than $50 billion for its US initial public offering, which would put it higher than Ita Unibanco Holding S.A., the country’s largest traditional lender. will make it valuable.

Reporting by Niket Nishant in Bengaluru; Editing by Amy Karen Daniels

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox