Consumer
Goldman-Backed Marketplace Startup Expands Its Banking Unit
- Olist helps 40,000 clients sell their goods throughout Brazil
- Firm handled $5.8 billion of transactions in 2023; eyes an IPO
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Olist, a Brazilian startup that helps 40,000 clients sell their products on large marketplace platforms, is pushing into banking to drive more efficiency for customers while creating a new revenue stream for the business.
The company, which was valued at $1.5 billion in a funding round in 2021 and is backed by Goldman Sachs Group Inc., SoftBank Group Corp. and Wellington Management, expects to process nearly 15% of its annual transactions through its in-house banking service by the end of the year, founder and Chief Executive Officer Tiago Dalvi, 38, said in an interview.