Brazil anticipated to become Ebury's main market by revenue

Monday 22 January 2024 13:33 CET | News

UK-based fintech company Ebury has started widening its operations in Brazil, which it reportedly sees as a potential main revenue market.


Ebury’s plans to expand its operations in Brazil come as company officials have reportedly predicted that, in 2024, Ebury will double the USD 4.86 billion foreign exchange (FX) exchange volume done in Brazil the previous year. 

As outlined in previous reports, Brazil is currently Ebury’s third-largest market by revenue, behind the UK and Spain. Despite Brazil’s position, company officials have stated that the company’s primary emphasis is not specifically on making Brazil its main market.

News of Ebury’s widening of operations in Brazil surfaces as the UK-based fintech company has revealed that it is preparing an initial public offering (IPO) in 2025.

UK-based fintech company Ebury has started widening its operations in Brazil, which it reportedly sees as a potential main revenue market.


Ebury’s presence in Brazil

Ebury first extended to Brazil in 2021 after partnering with Bexs, which held regulatory approval for FX operations within the country. The company’s expansion came following Banco Santander’s 2019 decision to acquire a majority stake in Ebury. After entering the Brazilian market, the fintech specialising in international payments announced its plans to expand in LATAM

In 2022, Ebury acquired Brazil-based Bexs, including Bexs Banco (foreign exchange) and Bexs Pay (payments). At the time, the acquisition was presented as part of Ebury’s wider efforts to broaden its global offering of money transfer solutions for SMEs and to extend digital services catered towards the needs of businesses selling products online in Brazil. The acquisition additionally made it possible for Ebury to capitalise on the technology Bexs had, which enabled large-scale payments from abroad to Brazil. In 2023, Ebury reportedly finalised the purchase of Bexs and fully integrated its operations.

Ebury’s latest developments 

Ebury is a fintech that specialises in financial solutions encompassing international payments, collections, and FX services that are mainly aimed at SMEs and midcaps. Ebury offers FX in over 130 currencies, as well as cash management strategies, trade finance, and foreign exchange risk management.

In late 2023, the company acquired services firm Prime Financial Markets, marking Ebury’s entrance into Africa. Also in 2023, the UK-based fintech partnered with InCorp Global, Australia-based non-bank business lender ScotPac and trade financing platform 360tf, among others.

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Keywords: expansion, FX , payments , SMEs, acquisition, fintech, cash management
Categories: Payments & Commerce
Companies: Ebury
Countries: Brazil
This article is part of category

Payments & Commerce


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