Advent-Backed Fintech Ebanx Delays U.S. IPO on Recent Market Turbulence

(Bloomberg) -- Ebanx SA, a Brazilian financial-technology firm backed by Advent International, delayed its U.S. initial public offering because of recent market volatility.

The company, which eventually may seek a valuation exceeding $10 billion, isn't planing to go public in the first half of this year as previously expected, according to people familiar with the matter who asked not to be identified because the discussions are private. 

“Ebanx remains attentive to the best market moment for an eventual IPO,” the company said in a statement, adding that its processed volume more than doubled last year and that it will continue to expand operations. 

Read more: Brazilian Fintech Ebanx Said to File Confidentially for U.S. IPO

Equity markets fell sharply to start the year, with the S&P 500 sliding 5.3% in January and the tech-heavy Nasdaq Composite Index tumbling 9%. 

Ebanx, founded a decade ago, helps companies such as Spotify Technology SA, Uber Technologies Inc. and Amazon.com Inc. bill clients for their products and services in Latin America. The firm has been preparing for an IPO as it seeks to expand its payment-processing offerings throughout the region, Chief Executive Officer Joao Del Valle said in an interview last year. 

Read more: Unicorn Ebanx Prepares for IPO, Weighs More Acquisitions in Latin America

Advent, a Boston-based private equity firm, invested $430 million in Ebanx last year. 

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