Brazilian payments company Elo Servicos has selected banks to support a potential initial public offering (IPO) in the US, Bloomberg reported citing people familiar with the matter.
According to the report, the company has engaged Bank of America, Bradesco and UBS BB to manage the potential transaction.
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Elo plans US listing in the second half of this year and could seek to raise up to $500m.
Equally owned by Banco Bradesco, Banco do Brasil and Caixa Economica Federal, Elo competes with global card networks such as Visa and Mastercard in Brazil.
The company launched in 2011 with the intention to reduce fees paid by Brazilian banks to global payment networks.
It commenced services with debit and credit cards. Later, the payments firm expanded into prepaid and specialised cards, customised services for corporate clients, tokenisation and fraud prevention platforms, QR Code and NFC payments, and business consulting.
According to Elo’s website, the network has 34 million active cards. In 2025, transaction volume totalled 310.9bn reais ($63.35bn).
“There’s no decision about an IPO, and Elo continuously evaluates strategic alternatives and opportunities in capital markets,” the company told Bloomberg.
Elo also explored a public offering in 2021, when it was reportedly seeking a valuation of around $4bn and aiming to raise about $1bn.
In March, Banco do Brasil introduced a feature to enable Brazilians in Argentina pay for their purchases using instant payments system Pix. The service is available to all Pix users, including those who do not bank with Banco do Brasil.
