[ad_1]
The Brazilian e-commerce software provider VTEX chose banks to manage a possible IPO, Bloomberg News reported on Friday.
VTEX, which is supported by SoftBank Group Corp, will work with JP Morgan Chase & Co. and Banco Itau BBA on a possible Nasdaq listing, sources told Bloomberg, asking to remain anonymous as they discussed confidential information.
VTEX, “which bills itself as the world’s first and only fully integrated market-OMS platform,” said a decision on the IPO will be up to its shareholders, and no plan has been announced. . Both banks declined to comment.
Last year, VTEX finalized a $ 225 million funding round that valued its valuation at $ 1.7 billion, with investors including Tiger Global, Lone Pine Capital, Endeavor Catalyst and SoftBank.
“If the listing is successful, it would be a significant milestone for SoftBank’s Latin American push,” Bloombeg notes. The Japanese conglomerate launched a $ 5 billion fund to invest in startups in the region in 2019 and has since bought stakes in digital lender Banco Inter SA, delivery service company Rappi SAS and Gympass, among others. . “
Established in 2000, VTEX serves more than 3,000 online storefronts in more than 32 countries, in collaboration with companies such as Walmart, Coca-Cola, Nestlé and Sony.
In an interview with PYMNTS last year, VTEX chief strategy officer and US general manager Amit Shah said he expected more companies to embrace direct-to-consumer sales.
He said a post-COVID disruption in online retail has resulted in over 200% growth for VTEX’s D2C business and predicted that the trend towards helping businesses build their own platforms will continue.
“We allow some of these companies to create a market of their own, where they can sell their products but also complementary products to give that end customer more choice and more convenience,†Shah said.
——————————
NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK
On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.
[ad_2]
