Business

Neobank Modalmais buys companies Global Portfolio and Data Refinery and prepares for IPO

Acquisitions reinforce the service structure of the bank's platform for business expansion

Neobank Modalmais
Photo: Modalmais/Courtesy
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  • Modalmais IPO is expected to handle BRL 1.5 billion;
  • The funds raised must be used to invest in technology, marketing, business acquisitions and to expand its credit supply.

Brazilian neobank Modalmais acquired two new companies: the Carteira Global, a platform based on open finance that manages and consolidates investment portfolios for investors, advisors and financial consultants; and the Refinaria de Dados, a data analysis startup that creates products to serve the financial market. The terms of the deal were not disclosed.

This week, Modalmais also defined the price range of its initial public offering (IPO), which may handle BRL 1.5 billion. The IPO is coordinated by Credit Suisse, Bank of America, Itaú BBA and Banco Modal.

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The funds raised must be used to invest in technology, marketing, business acquisitions and to expand its credit supply.

The value considers the pricing in the middle of the range, which was defined between BRL 24.30 and BRL 32.82 per unit. The base offering includes 51.05 million units and may be increased by 17.85 million units if additional and supplementary lots are exercised.

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Modalmais follows in the footsteps of competitor XP, which listed its shares on Nasdaq in New York in December 2019.

The company will be listed under the code ‘MODL11’ and pricing is scheduled for April 28th.

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