Bendigo exits Cuscal as Mastercard and other backers cut stakes
Cuscal’s biggest and longest-standing investors, including Bendigo and Mastercard, quietly sold down their stakes ahead of the payments firm’s ASX debut.
Bendigo and Adelaide Bank has ended a decade-long chapter as a key backer of Cuscal, selling its entire stake in the payments company ahead of its highly anticipated ASX debut.
Capital Brief confirmed that Bendigo, which previously held around 20% of Cuscal, exited its position prior to the company’s IPO.
The sale ends an era for Bendigo, which — alongside Mastercard — acquired a 10% stake in Cuscal when the pair sold Strategic Payments Services (SPS) to the company in 2014. As part of the deal, the pair received equal equity stakes along with an undisclosed cash sum.
Mastercard trimmed its position to just 2.29% by the time of the float, according to ASX disclosures. The global payments giant retains board representation at Cuscal through director Ling Hai, who serves as Mastercard’s president for Asia Pacific, Europe, the Middle East and Africa.
