9984.T - SoftBank Group Corp.
| Previous Close | 4,897.00 |
| Open | 4,925.00 |
| Bid | 4,980.00 x 0 |
| Ask | 4,984.00 x 0 |
| Day's Range | 4,913.00 - 4,993.00 |
| 52 Week Range | 3,401.50 - 6,045.00 |
| Volume | 9,001,600 |
| Avg. Volume | 11,807,647 |
| Market Cap | 10.312T |
| Beta (3Y Monthly) | 1.81 |
| PE Ratio (TTM) | 4.92 |
| EPS (TTM) | 1,011.32 |
| Earnings Date | Nov 5, 2019 - Nov 11, 2019 |
| Forward Dividend & Yield | 44.00 (0.90%) |
| Ex-Dividend Date | 2019-09-27 |
| 1y Target Est | 13,753.00 |
- TheStreet.com
[video]SoftBank to Lend Up to $20B to Employees to Invest in Second Vision Fund- Report
Japanese mobile-phone and technology conglomerate SoftBank plans to lend up to $20 billion to its employees to buy stakes in its second giant venture-capital fund.
- Reuters
PRESS DIGEST- Wall Street Journal - Aug 19
The following are the top stories in the Wall Street Journal. - SoftBank Group Corp plans to lend up to $20 billion to its employees to buy stakes in its second giant venture-capital fund, people familiar with the matter said. The company's Chief Executive Officer Masayoshi Son may account for as much as $15 billion of that amount, some of the people said.
- Bloomberg
Masa’s Visionary Sequel Has a Desperate Look
(Bloomberg Opinion) -- It looks like SoftBank Group Corp.’s Masayoshi Son may be struggling to start his next epic journey.A month after announcing an eclectic mix of investors for its Vision Fund 2, SoftBank is leaning on its own employees for cash, planning to lend them as much as much as $20 billion to buy stakes in the venture-capital vehicle, the Wall Street Journal reported at the weekend. The report adds to signs of possible funding gaps in the $108 billion cash pile Son is targeting. SoftBank itself is already putting in $38 billion.Add the potential contribution from employees, and we’re looking at 54% of the money coming from directly inside the SoftBank family. Son may account for $15 billion of that $20 billion target, the Journal reported. SoftBank is looking to charge staff interest of around 5% and in most cases will require little money down, the newspaper said. That hints at desperation.Encouraging, or even enabling, workers to own stock in their employer isn’t so unusual. Companies do that often, and it’s common practice within the hedge fund industry. There’s an argument to be made for allowing employees to have skin in the game, which then aligns corporate and employee incentives.Yet this doesn’t feel like a simple case of share and share alike. When SoftBank announced the size of Vision Fund 2 on July 27 and listed some of its participants, the lack of an external cornerstone investor stood out. That’s in stark contrast to news of the first Vision Fund back in October 2016. While both press releases spoke of memorandums of understanding, rather than signed pledges, the first incarnation had a clear lead investor – Saudi Arabia’s Public Investment Fund – and a specific figure: $45 billion.The 2016 statement even had a quote from Saudi Crown Prince Mohammed bin Salman, who’s the chairman of PIF. (This connection now casts a dark shadow over the Vision Fund given Saudi links to the murder of journalist Jamal Khashoggi.) The original Vision Fund later grabbed another $15 billion from Abu Dhabi’s Mubadala Investment Co.So far, however, there’s no big outside name behind the second fund. With the news of loans to employees, it looks like SoftBank itself will take on the cornerstone role. No corporate is likely to pledge more and the only sovereign the July announcement mentioned was Kazakhstan. Beyond that one nation, the investors appear to fall into two categories – industry buddies such as Apple Inc., Microsoft Corp. and long-time friend Foxconn Technology Group – and a collection of Japanese banks. It’s telling that not one of these was quoted or had a dollar amount put against their name. Having two big outside backers and a slew of unicorns to pick from made raising the first fund relatively easy, as I noted previously. The lack of those rich uncles and the slowing pace of unicorn births mean Fund 2 doesn't look quite as compelling.In the end, SoftBank will probably scrape together the money it needs by casting a wider net and calling in favors. The company will use plenty of FOMO (fear of missing out) to try to convince fence-sitters to pull out the checkbook. But when it does get there, I suspect few investors will big as enthused about Son’s latest big adventure as they were for the first. To contact the author of this story: Tim Culpan at tculpan1@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- Financial Times
Battle over Unizo points to surge in activist investing in Japan
An investment arm of SoftBank has launched a surprise “white knight” offer for a Japanese hotel chain as investors witness a rare spate of hostile takeovers and other corporate manoeuvres once deemed taboo in the country. The friendly buyout offer of up to $1.3bn from SoftBank’s Fortress Investment Group for Unizo Holdings came after travel agency HIS launched a hostile takeover attempt of the hotel group last month. Fortress, which has invested in more than 100 hotels in Japan, has offered ¥4,000 ($38) a share for all of Unizo’s shares.
- Reuters
SoftBank plans to lend up to $20 billion to employees to invest in new fund - WSJ
Son himself may account for over half of that amount, the Journal reported, adding that executives feel that such a step will make employees more accountable as the investments of the fund can be canceled if a manager leaves or is found to have engaged in a "reckless deal". The loans are likely to have an interest rate of about 5%, the WSJ said, citing a source.
- Reuters
SoftBank plans to lend up to $20 billion to employees to invest in new fund: WSJ
Son himself may account for over half of that amount, the Journal reported, adding that executives feel that such a step will make employees more accountable as the investments of the fund can be canceled if a manager leaves or is found to have engaged in a "reckless deal". The loans are likely to have an interest rate of about 5%, the WSJ said, citing a source.
- TechCrunch
SoftBank reportedly plans to lend employees as much as $20 billion to invest in its VC fund
SoftBank revealed its plans for its second Vision Fund last month, including$38 billion from SoftBank itself, as well as commitments from Apple,Microsoft and more
- Bloomberg
SoftBank to Lend Up to $20 Billion to Employees for Fund: WSJ
(Bloomberg) -- SoftBank Group is planning to lend up to $20 billion to its employees to buy stakes in its second giant venture-capital fund, Wall Street Journal reported, citing people familiar with the matter.Chief Executive Masayoshi Son may account for more than half of that amount, the paper said, adding that the employee pool at $20 billion, would represent nearly a fifth of the money that SoftBank said last month it had lined up for its second Vision Fund.A Vision Fund spokesman didn’t comment to the newspaper.To view the source of this information click hereTo contact the reporter on this story: Sebastian Tong in San Francisco at stong41@bloomberg.netTo contact the editors responsible for this story: Sarah Kopit at skopit@bloomberg.net, Linus ChuaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Financial Times
SoftBank staff to put up to $15bn into new Vision Fund
SoftBank is planning to pour up to $15bn into its new technology investment fund on behalf of its own employees, topping up the contributions promised from outside investors such as Apple and Microsoft. People familiar with the matter said a large part of the employee contributions would be funded personally by Masayoshi Son, the risk-taking billionaire founder of the Japanese group. The exact size of employee participation has not been finalised but it will come on top of the $38bn SoftBank has committed to invest in its second Vision Fund, which has a headline value of $108bn but few confirmed outside investors.
- Reuters
SoftBank's Fortress emerges as white knight for hotel chain Unizo with $1.3 billion bid
Japanese hotel chain Unizo Holdings said it received a friendly buyout offer worth up to $1.3 billion from a SoftBank Group investment firm, a deal that will help it fend off a rare hostile takeover bid from travel agency H.I.S. Co. U.S.-based Fortress Investment Group will launch a tender offer from next week for all of Unizo's shares at 4,000 yen apiece ($37.68), the companies said in separate statements, trumping the 3,100 yen that H.I.S. has offered. Unizo has publicly opposed the H.I.S. bid, saying it lacked synergy and undervalued the hotel chain.
- Morningstar
My Investment Howler
In 1998, I owned three assets: 1) my 401(k) plan, to which I contributed the permitted maximum, 2) a fresh award of Morningstar stock options, with a strike price of $2.67, and 3) human capital. It was a good retirement plan. Morningstar was privately held, so my options could neither be exchanged for shares nor sold for cash.
- Financial Times
SoftBank strikes deal with Berkshire Grey warehouse robotics
SoftBank has struck a new deal with Berkshire Grey, a warehouse robotics company that aims to arm retailers to take on Amazon’s automated operations. Berkshire Grey, which is based just outside Boston, was founded in 2013 by Tom Wagner, the former chief technology officer of iRobot, maker of the Roomba vacuum cleaner. Its team is staffed with alumni of Kiva Systems, the robotics company that Amazon bought in 2012 for $775m, as well as Uber, Tesla and Carnegie Mellon University.
- Reuters
UPDATE 2-SoftBank-owned Fortress to make rival bid for Japan's Unizo -Nikkei
Fortress Investment Group, a U.S. investment firm owned by SoftBank Group, will offer to buy Japanese hotel operator Unizo Holdings, launching a counter bid against travel agency H.I.S. Co, the Nikkei reported. Fortress will a launch tender offer as soon as the start of next week for all the shares in Unizo at a price higher than H.I.S.'s offer of 3,100 yen per share, the Nikkei said on Friday. Unizo, which opposes H.I.S.'s bid, has sought help from Fortress as a 'white knight', the Japanese daily said, without citing sources.
- Reuters
SoftBank convertible note helped cut WeWork losses
Investors may be stumped by some of the finances WeWork owner We Company unveiled this week in its filing to go public, in particular a $486 million gain on a convertible note that made losses at the coworking firm appear a lot smaller. The gain reduced the pace of expanding losses in the first six months of this year to a 25% increase from a year earlier rather than almost doubling it. The IPO will be a key test of investor appetite for fast-growing, money-losing startups.
- Reuters
Vision Fund makes $110 million bet on renewable energy storage
Softbank Group's Vision Fund has made its first foray into energy storage technology with a $110 million investment in Switzerland-based Energy Vault. While many countries are keen to use renewable energy as part of efforts to cut carbon emissions in the fight against climate change, the challenge has been to find a way to store it for later use, particularly overnight or when demand surges. Inspired by the physics and mechanical engineering used in hydro plants, Energy Vault says its technology enables renewable energy to be stored in 35-ton bricks and delivered as baseload power for less than the cost of fossil fuels at any hour of the day.
- Bloomberg
Softbank Fund Makes Energy-Storage Bet With an Unusual Battery
(Bloomberg) -- SoftBank Group Corp.’s massive Vision Fund is making its first-ever energy storage bet -- and it’s on a rather unconventional type of battery.The fund, created by Japanese tech giant SoftBank Group Corp., is investing $110 million in Energy Vault, a Swiss startup that’s using cranes and concrete to store energy. An electric crane hoists up blocks of concrete and stacks them into a tower when power is plentiful. When power is needed, it uses gravity to take the structure apart brick by brick. The weight of the descending blocks converts kinetic energy into electricity.The startup faces stiff competition. Huge lithium-ion batteries have emerged as the storage of choice for utilities looking to deal with short-term fluctuations on their grids. The costs of those have plunged 85% since 2010. Entrepreneurs have long pitched alternatives that can hold more energy and supply for longer -- including ones that compress and liquify air and split and store hydrogen, but none have taken off the way lithium-ion has.Softbank’s $100 billion Vision Fund is betting on the need for more affordable and bigger storage systems to expand the use of renewable power and wean the world off fossil fuels. Even as the price of wind and solar plummets, they remain intermittent, supplying electricity to the grid at some times and not others. Unlocking a cheap way to bottle up clean power and dispatch it at will could change everything.Click here for a video explaining how Energy Vault’s system works.Energy Vault uses the same principle that’s long been employed by pumped-hydro storage dams, which use huge reservoirs and gravity to store energy and generate power. SoftBank is convinced the tower concept can scale quickly, with the systems installed next to existing solar power plants or wind farms.“The minute you have one solar power plant with these towers up and running, we think the scalability goes through the roof,” Akshay Naheta, managing partner for SoftBank Investment Advisers, said in an interview.He estimates the system can be deployed for 15% of the price of a similarly-sized lithium-ion battery installation. SoftBank itself will become one of Energy Vault’s customers and is installing one of the systems at an undisclosed location, Naheta said. Energy Vault also is building a demonstration plant in Italy and a plant for India’s Tata Power Company Ltd.Robert Piconi, Energy Vault’s co-founder and chief executive officer, said the technology will allow wind and solar facilities to supply electricity to the grid 24 hours per day, undercutting the costs of fossil fuel plants. Grid-scale lithium-ion battery packs, in contrast, typically deliver power for just four hours.“We’re solving a problem that, today, there’s just not a lot of answers for,” Piconi said.One advantage is that Energy Vault’s technology can be installed almost anywhere, unlike pumped-hydro systems that need at least two massive reservoirs at different elevations to work. That said, Piconi does not expect Energy Vault’s concrete towers to sprout in urban centers, where the aesthetics may not be appreciated.“Obviously, this is not something that’s going to fit in the middle of a city,” he said.To contact the reporter on this story: David R. Baker in San Francisco at dbaker116@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Joe Ryan, Reg GaleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
WeWork Gave Founder Loans as It Paid Him Rent, IPO Filing Shows
(Bloomberg) -- Adam Neumann is more than a founder and chief executive at WeWork. He’s also a landlord, a seller of intellectual property and a financial borrower.The business relationships involving Neumann and his family were disclosed in a registration document Wednesday for an initial public offering, expected to be the largest of the year after Uber Technologies Inc. They show an interdependence that runs deeper than most entrepreneurs to their creations and one that raises concerns among prospective shareholders.“As an investor, why would you be willing to put your confidence in this structure?” said Charles Elson, a corporate governance professor at the University of Delaware. “You have very few options if something goes wrong.”Neumann, 40, has long been a polarizing figure. Many are drawn to his bold vision for the company, often expressed in high-minded phrases. Its mission statement, for example, is to “elevate the world’s consciousness.” He is also dogged by criticism over previously reported transactions. In particular, Neumann owns several commercial properties that he leased to WeWork, and he has sold significant amounts of his equity ahead of the public stock offering.The IPO filing details many more instances and indicates that Neumann, who chairs the company’s all-male board, remains the central figure at WeWork. The name Adam appears 169 times in the financial prospectus, far more than any other. The company wrote in the filing that it provided the disclosures to “avoid the appearance of any conflict of interest.” A spokesman for WeWork declined to comment.In 2016, Neumann borrowed $7 million from WeWork at a generous annual interest rate of 0.64%. Neumann paid it back early, in November 2017, with about $100,000 in interest. It was one of several times Neumann borrowed company money. “From time to time over the past several years, we made loans directly to Adam or his affiliated entities,” WeWork wrote in the filing.Neumann took out a much bigger loan from WeWork a few months ago. The company lent him $362 million in April at 2.89% interest to help him exercise options to buy stock. This month, Neumann repaid the debt by surrendering the shares back to the company. It’s not clear from the filing why these transactions happened.The business is, in some respects, a family affair. Rebekah Neumann, the CEO’s wife and a cousin of Gwyneth Paltrow, is listed as a founder, chief brand and impact officer of WeWork and founder and CEO of WeGrow, a corporate project to build and run private elementary schools. She was also among those behind a proposal this summer to hire Martin Scorsese to direct promotional videos for WeWork, Bloomberg reported last week.Avi Yehiel, Neumann’s brother-in-law and a former professional soccer player in Israel, has served as WeWork’s head of wellness since 2017. He receives a salary of less than $200,000, according to the prospectus. WeWork hired another one of Neumann’s immediate family members to host eight events last year for a total of less than $200,000, the filing said. The events coincided with the Creator Awards, a live pitch competition with celebrity judges hosted by WeWork. The company said it spent more than $40 million on the show in 2017 and 2018. In March, WeWork brokered a deal with its largest shareholder, SoftBank Group Corp., in which the Japanese conglomerate agreed to reimburse the company $80 million to cover costs associated with the Creator Awards.Early this year, WeWork unveiled its new corporate brand: We Co. It then sought to acquire the trademark to “we.” The name was owned by We Holdings LLC, which manages some of the founders’ stock and other assets. WeWork said it paid the founders’ company $5.9 million for “we” this year, based on a valuation determined by a third-party appraisal. WeWork legally changed the company name last month.WeWork also disclosed details on the widely scrutinized rental arrangements with Neumann. The company said Neumann owns four properties that count WeWork as a tenant. For one building, the company entered a lease within a year of Neumann acquiring his ownership stake. For the other three, it signed a lease on the same day the co-founder obtained his stakes.In the first half of the year, WeWork made cash payments to landlord entities affiliated with Neumann totaling $4.2 million. Those lease commitments had future minimum payments of $237 million, which represented 0.5% of the company’s total commitments. Neumann didn’t extend discounts to his company, WeWork said.Bloomberg Businessweek reported in May that WeWork was raising a $2.9 billion fund called ARK that would purchase buildings, including those owned by Neumann. The CEO said he would sell the properties WeWork wants for the same price he originally paid. The company called attention to this in the IPO filing, describing it as a mechanism for an “orderly transition” of these properties that ensures WeWork gets favorable treatment in the transfer of the assets. WeWork said it owns 80% of ARK, which also counts Canada’s Ivanhoe Cambridge Inc. as an investor. Neumann committed to not buying any more buildings for WeWork to occupy.Neumann is the most powerful shareholder at WeWork, thanks to three classes of stock with different voting rights. Neither Neumann nor his wife takes a salary from WeWork, and the CEO wouldn’t be entitled to severance if he left, according to the IPO paperwork.WeWork said it has no employment agreement in place with Neumann. The company would create a committee to select a new CEO if Neumann were to die or become “permanently disabled” over the next decade, the filing said. His wife would be one of three members of the committee.One flaw in the succession plan, as outlined in the prospectus, is that it doesn’t account for a marital rift, said Elson, the professor. “What if there’s a dispute between them?” he said. “The company is stuck.”(Updates with additional details about a recent loan in the seventh paragraph.)\--With assistance from Gillian Tan, Sonali Basak, Eric Newcomer and Anders Melin.To contact the reporter on this story: Ellen Huet in San Francisco at ehuet4@bloomberg.netTo contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, Robin AjelloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
SoftBank-backed Oyo to invest $335 million in holiday rental's Europe push
Indian hotel start-up Oyo said on Wednesday it will invest 300 million euros ($335.28 million) in its vacation home business, to expand its footprint in Europe. Oyo acquired Amsterdam-based holiday rental company @Leisure in May, after which the SoftBank-backed hospitality chain re-christened it Oyo Vacation Homes. The business now owns over 125,000 homes in more than 80 countries, Oyo said in an emailed statement.
- Benzinga
What We Know About WeWork's IPO Filing
The We Company, formally known as WeWork , was founded in 2010 with a core mission of creating a world where "people work to make a life, not just a living." On Wednesday, the company released ...
- Reuters
UPDATE 5-WeWork to test IPO investor appetite with widening losses
WeWork owner The We Company published detailed financial statements for the first time on Wednesday, revealing breakneck revenue growth and soaring losses, as it prepares for an initial public offering as early as next month. The IPO, which could raise several billion dollars, will be a key test of investor appetite for fast-growing, money-losing start-ups, at a time when global concerns about the potential for recession and the trade war between the United States and China are fueling stock market volatility. Other high-profile IPOs this year, such as those of ride-hailing start-ups Uber Technologies Inc and Lyft Inc, have fared poorly after their launch, amid investor skepticism over their lack of a concrete plan to profitability.
- TechCrunch
WeWork reveals IPO filing
WeWork, now known as The We Company, released its IPO prospectus Wednesdaymorning months after filing confidentially to go public
- Financial Times
SoftBank to invest $110m in brick tower energy storage start-up
SoftBank Vision Fund will invest $110m into an energy storage start-up, Energy Vault, that plans to build huge brick towers that can store energy, marking the Vision Fund’s first foray into the fast-growing storage sector. The Lugano-based start-up said it would use the funding to pursue a rapid global deployment strategy, simultaneously building commercial-scale projects on four continents.
- Bloomberg
SoftBank Upends Latin American Startups with Billion-Dollar Deal Binge
(Bloomberg) -- SoftBank Group Corp.’s Latin America foray, a multibillion-dollar deal spree that minted a wave of “unicorns” and upended the region’s startup landscape, is just getting started.The Japanese technology giant still has about $4 billion left in the $5 billion fund it launched in March for new technology companies in the region, and has its sights on roughly 300 targets, according to Andre Maciel, a managing partner at SoftBank Group International. About 200 of those are in Brazil, he said.“We already feel that the opportunity in the region is bigger than what we originally thought,” Maciel, SoftBank’s head of Brazil and structured transactions, said in an interview at the firm’s Sao Paulo offices. “There’s a lot outside of Brazil we still haven’t got around to even looking at.”For the next round, Maciel said he’s looking at companies in the health-care and real estate industries, as well as boosting bets in financial and mobility firms.SoftBank’s investments make up a vast chunk of the total market. Last year, investors stuffed $2.4 billion into startups in the region, more than double 2017’s total, according to PitchBook. In 2019 so far, deals have added up to $2.1 billion, with SoftBank-backed transactions making up the bulk of the total.“This is the kind of capital that has never been seen before in Latin America,” Maciel said.SoftBank isn’t the only venture capitalist pouring money in Latin America’s startup champions. Nu Pagamentos SA, the six-year-old fintech known as Nubank, announced a $400 million funding round led by venture capital firm TCV -- an early backer of Netflix Inc. and Spotify Technology SA -- in its first large investment in Latin America. Tencent Holdings Ltd. and Sequoia Capital, two existing Nubank investors, added money to the fund.Beyond infusing Latin American companies with cash -- in some cases more than tripling their valuations -- SoftBank is also investing in local venture capital funds. In June, SoftBank announced a partnership with Valor Capital Group, a fund with about $300 million invested in 37 Brazilian companies and U.S. firms looking to expand in Brazil.“In some cases we’ve more than doubled the investment firepower available to those funds,” Maciel said. “We don’t have the reach and structure to look at smaller transactions, but those funds do. They can irrigate the system for entrepreneurs.”Maciel, a 17-year veteran of JPMorgan Chase & Co., is one of Marcelo Claure’s three lieutenants in the region, and the only one based in Sao Paulo. The other two are Shu Nyatta, who shuttles between the Miami and Silicon Valley offices, and Paulo Passoni, who worked at Third Point LLC for seven years and is based in Miami. The trio report to Claure, the Bolivian-American chief executive officer of SoftBank Group International who oversees the Latin America expansion.New FirmsAnother part of the group’s mandate is to help SoftBank’s global portfolio of over 100 firms setting up footholds in Latin America. Maciel says there are plans to bring around 40 of those to the region, either through partnerships or local offices. Some of SoftBank’s most-successful ventures, from Uber Technologies Inc. and WeWork Cos. to Didi Chuxing, already have sizable local operations.The company has 10 employees on its local team and plans to reach as many as 30 in coming months. It’s also looking for a new building to house its offices in Sao Paulo, Maciel said, but will keep running into one of the biggest hurdles of its Latin America deal binge: the everybody-knows-everybody tightness of Brazil’s financial district.Maciel’s solution? “I’ve started taking some of our more delicate business meetings in my living room.”SoftBank’s Latin America investments:RappiA Colombia-based delivery startup. In May, SoftBank agreed to invest $1 billion in the firm, valuing it at around $3.5 billion, according to people familiar with the matter.ClipA Mexican payments fintech similar to Square.LoggiA Brazilian logistics platform. In June, SoftBank led a $150 million infusion for the firm, valuing it at $1 billion.GympassA Brazilian fitness startup. In June, SoftBank led a $300 million investment in the firm. Both the Vision Fund and the Latin American Fund participated.CreditasA Brazilian online lender for secured loans. In July, SoftBank led a $231 million investment in the firm, tripling its valuation. Both the Vision Fund and the Latin American Fund participated.Banco InterA Brazilian digital bank. In July, SoftBank, through a vehicle called LA BI Holdco LLC, bought an 8.1% stake at the lender, paying roughly 760 million reais ($190 million), according to a regulatory filing.VolantyA Brazilian digital dealership for used cars. In August, it received a 70 million reais investment led by SoftBank and Argentine venture capital firm Kaszek.To contact the reporters on this story: Felipe Marques in Sao Paulo at fmarques10@bloomberg.net;Vinícius Andrade in São Paulo at vandrade3@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Daniel TaubFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
