Facebook Adds More Banks for IPO Prep

What's Next In Payments®
7:19 PM EDT March 4th, 2012

Facebook added Deutsche Bank, Credit Suisse, and Citigroup to its stable of official banking relationships at the end of last week, part of the social network’s preparations for an initial public offering later this year, according to Bloomberg.

Facebook had already been working with Morgan Stanley, JPMorgan Chase, Goldman Sachs, Bank of America, Barclays, and Allen & Co., Bloomberg reports. But an unnamed source tells Bloomberg the new additions will give Facebook access to an additional $2.5 billion in credit.

The implications of Facebook’s entry into the payments arena were analyzed last week in an in-depth feature look at the social network, available at PYMNTS.com.

Also by This Author
What's Hot
You Never Know What You’ll Find On The Internet (Hint Stolen Target Card Data)
Loyalty & Rewards
Starbuck Mobile Ordering Hits Portland, U.S. Launch 2015
Why Feds Want EMV For Govt. Debit Cards
Alipay Wallet’s Remarkable Volume
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
B2B Payments
Health Sunshine Act Didn’t Reveal All It Was Supposed To
B2B Payments
Mobile Payments To Benefit From Tech Investments
What Only The “Almost Famous” Know About Payments
Merchant Innovation
Why Banks Love Apple Pay
View All Articles ››