October 31, 2018 / 3:55 PM / 17 days ago

Brazil's Cielo preparing new payment services through apps- executives

SAO PAULO, Oct 31 (Reuters) - Cielo SA, Brazil’s largest card processor, is looking for partners to develop new payment services through apps, company executives told analysts on Wednesday.

Cielo’s Chief Financial Officer Clovis Poggetti said the company is seeing tougher competition to offer services to middle and small companies, the main target of rival StoneCo which debuted last week in Nasdaq. Cielo shares are up 4.2 percent despite its third quarter results having missed analysts’ estimates.

Reporting by Aluisio Alves

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