Brazilian payments firm Elo moves ahead with potential US IPO, sources say

Bank of America Corp

Bank of America Corp

BAC

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SAO PAULO, May 11 (Reuters) - Brazilian payment firm Elo is moving ahead with plans for a possible initial public offering in the U.S., two people familiar with the matter told Reuters.

Founded in Brazil, Elo debuted in 2011 with debit and credit cards and has since expanded into other areas, including specialized and prepaid cards and fraud prevention.

Elo did not immediately respond to a request for comment. Bradesco, Bank of America and UBS declined to comment.

The information was first reported by Bloomberg News.


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