EBANX, an international payments fintech, and VTEX are collaborating to make cross-border payments in Latin America for Brazilian ecommerces. Brazilian companies will have access to over 100 payment methods in 15 South and Central America countries.
“We are very happy with this announcement with a partner as important as VTEX, which shares with us the vision of efficiency and agility when providing access and cutting-edge technology. According to Beyond Borders data, the cross-border market for Latin America will reach US$ 45 Billion in 2022. This is an opportunity for Brazilian companies to expand.
In addition to the first-rate product, these customers will be able to take advantage of EBANX’s experience of more than 10 years in the region as an everything, which makes it easier when dealing with legislation and payments in different countries”, said Paula Bellizia, President of Global Payments at EBANX.
According to the Beyond Borders study, in 2021, 68% of Latin American consumers were already e-commerce users – a rate well above 45% in pre-pandemic years. According to the study, more than 150 million Latin Americans purchased their first online purchase in the past two years. This helps us understand why the digital market in Latin America will grow by 30% annually until 2025. It is comparable to Asian markets.
For Astha Malik, VTEX’s Chief Operating Officer (COO), the merger is a way to leverage this good moment in the market and also another reflection of the evolution of the services that the company offers to its customers. “With this partnership, we reinforce one of the pillars of the VTEX platform, which is to offer our customers new ways to grow their business through a complete solution. Brands and retailers have the opportunity to explore new business models and optimize their operations through our connected ecosystem.
The EBANX solution brings technology and experience in the right measure so that our customers can expand their business even further throughout Latin America”, he said. EBANX saw a more than 110% increase in processed volume between 2021-2021. Paula Bellizia was elected president to further enhance the international expansion, diversification of portfolio, and partnerships. The company currently has operations in 15 countries and more than 1,000 ebankers. It also has teams in over 10 other countries. It offers more than 100 local payment methods to Latin America to over 1000 global customers, such as SHEIN and Shopee, Spotify, Uber and to over 35,000 Brazilian merchants.