The London-based FinTech Ebury (www.ebury.com) has agreed to acquire 100 percent of Brazilian fintech Bexs to broaden Ebury’s offerings of global money transfer solutions for Small-to-Medium-enterprises (SMEs) and get a footprint in the huge Brazilian market. The acquisition includes both the Bexs Banco service and Bexs Pay, the Ebury press release states.
Ebury specializes in global payments and offers foreign exchange transactions in over 130 currencies for industrial and emerging markets. Founded in London in 2009, Ebury is processing a volume of $23 billion transactions per year. Since 2017, Ebury has also been active in Germany, with the main office for the German-speaking region in Düsseldorf.
Founded in 1989, Bexs received authorization from the Brazilian Central Bank to operate as a foreign exchange bank in 2010. Bexs‘ technology enables large-scale payments from abroad to Brazil. Bexs also offers SaaS (software-as-a-service) including an API platform. The São Paulo-based institution has already processed incoming and outgoing international payments for more than 50 million Brazilians. In 2021, it processed more than 30 million transactions with a total volume of foreign exchange transactions exceeding 20 billion Brazilian reals.
Bexs’ current CEO, Luiz Henrique Didier Jr., will continue to lead the company’s operations in Brazil. Following regulatory approval, the institution will be integrated into Ebury’s structure. There are numerous synergies to explore between the group’s businesses, starting with international digital trading.
One synergy between Bexs and Ebury is the opening of accounts in other countries, which allows small businesses to trade directly in the local currency of each market without bringing the money into the country.
“Bexs is more ‘tech’ than ‘fin’ and able to combine globally scalable solutions with deep expertise in currency regulation. The acquisition by Ebury will give us access to a portfolio of potential customers in additional markets,” said Sérgio Rial, CEO of Ebury. “In addition, its unique technology and retail payments business model can be replicated in other geographies. The synergy opportunities are almost limitless.“