- StoneCo (STNE -0.4%) raises R$493M (US$94.8M) in third-party capital for its credit solution for small and medium-sized businesses in Brazil, up from its initial size of R$340M.
- Completes issuance of R$580M in Fundo de Investimento em Direitos Creditórios (or Credit Rights Investment Fund, according to Google Translate), or FIDC.
- The new credit FIDC is structured with senior and mezzanine quotas held by institutional investors for a 36-month period, while Stone holds the subordinated quotas.
- StoneCo said total demand was almost R$1B, which may pave a path for future issuances at a lower cost.
- "This type of transaction will enable Stone to scale further its credit solution while limiting the credit risk exposure," the company said.
- Previously (Oct. 29, 2020): StoneCo climbs 4.3% after Q3 adjusted EPS, TPV improves