Global fintech, Ebury, is to strengthen its proposition in Brazil and Latin America, and boost its product offering.
Ebury is focused on international payments, FX solutions and business lending. Expansion in Latin America is a key area of Ebury’s global growth strategy. The firm’s plans build on its acquisition of Bexs, announced last May.
As part of its growth plans, Ebury will strengthen its team in Brazil and launch more products locally. Specifically, it will launch its multi-currency account offering. According to Ebury, this offers the potential to be a game-changer for Brazilian importers and exporters. It has also been investing heavily in scalable API solutions for businesses. Such an example is its white-labelled proposition, designed to seamlessly integrate with third-party systems. Ebury already counts major digital players such as Nubank, Ebanx, Nuvei and PPRO as clients.
Fernando Pierri, Global Chief Commercial Officer at Ebury based in Brazil said: ” Brazil is an important growth area for Ebury. It is a country of continental dimensions with over 170 million people connected to the internet. It offers tremendous potential for growth in international trade.
“As markets are increasingly connected globally, Ebury’s services are designed to deliver secure, frictionless international transactions whilst giving businesses greater confidence to deal with FX volatility. Our expansion will digitally connect Brazilian importers and exporters to Asia, North America, Europe and other regions.”
2022 deal included Bexs Banco and Bexs Pay
Ebury’s acquisition of Bexs included the businesses Bexs Banco (foreign exchange) and Bexs Pay (payments). The acquisition aimed to broaden its offering of international money transfer solutions for SMEs, as well as to provide digital services to businesses that sell their products online in Brazil. Examples include marketplaces, applications, and software companies.
Founded in 1989, Bexs received authorisation from the Brazilian Central Bank to operate as a foreign exchange bank in 2010. In 2012, it launched its cross-border e-commerce technology. This enabled it to operate in the marketplace and SaaS (software as a service) segments.
Santander closed its £350m deal to acquire a stake in Ebury in 2020. This deal gave Ebury access to Santander’s international network. It also boosted its plans to expand its business in Latin America and Asia.