Ebury acquires Bexs, expanding its international payments offering

Ebury, one of the world’s largest fintech companies specializing in international transactions for small and medium-sized enterprises, with operations in 20 countries, today signs an agreement to begin the process of acquiring 100% of the Brazilian fintech Bexs the company includes Bexs Banco (foreign currency) and Bexs Pay, (payments). The acquisition, which is subject to regulatory approval, aims to broaden the company’s offering of international money transfer solutions for SMEs, as well as to provide digital services to businesses that sell their products online in Brazil, particularly marketplaces, applications, and software companies.

Bexs’ technology also enables large-scale payments from abroad to Brazil. Ebury and Brazil’s foreign exchange bank have another synergy in that they allow small businesses to transact in their local currency without the need to bring any money into Brazil. With its headquarters in São Paulo, the institution has already processed international payments (in&out) for more than 50 million Brazilians. It handled more than 30,000,000 transactions integrating foreign currency with the Pix local solution (instant payment) by 2021. The number of foreign exchange transactions totaling R$ 20 Billion was also exceeded that year.

“Bexs is more ‘tech’ than ‘fin’, capable of combining globally scalable solutions with in-depth expertise in currency regulation. The acquisition by Ebury will provide access to a portfolio of potential customers across other markets,” says Sérgio Rial, Chairman of the Board of Directors of Ebury. “In addition, its unique technology and business model for massive payments can be replicated in other geographies. The synergy possibilities are almost limitless.”

Born in 1989 as Didier Corretora de Câmbio, the institution received authorization from the Brazilian Central Bank to operate as a foreign exchange bank in 2010 and started doing business under the name Bexs. It launched its cross-border electronic commerce technology in 2012. This enabled it to participate in the SaaS (software-as-a-service) and market segments. It became an API platform almost four years ago. This allows the institution to seamlessly integrate with other major players in Brazil’s digital world.

A small Chinese e-commerce company can, for instance, sell on a Brazilian marketplace and receive payments in dollars or other foreign currencies. A social network could also use the platform to provide a steady stream of compensation to influencers. This transaction type is characterized by high volumes of micropayments and currency conversion. The platform can be used by brokerages to provide their clients with the opportunity to invest internationally.

Some of the top companies in the marketplace, payments, and social network industries, as well as brokerage firms and agri-tech businesses, are already using Bexs’ services in Brazil.

Under the terms of the agreement signed with Ebury, Bexs’ CEO, Luiz Henrique Didier Jr., will continue to head the operations in Brazil. Following regulatory approvals, the institution will be integrated into Ebury’s structure. There are numerous synergies to be explored between the Group’s companies, starting with international digital trade.

“We have a presence in 20 countries, and Brazil could not be left out. Furthermore, it serves as our gateway to Latin America,” notes Fernando Pierri, Ebury’s Chief Commercial Officer. “Brazil remains very closed to foreign trade, but this has been rapidly changing as it seeks to accelerate its internationalization. The country has already signed free trade agreements with the European Union and is working to improve its foreign currency regulations. All this will boost demand for foreign exchange and accounts abroad.”

Ebury handles US$ 17 Billion in business transactions annually. Its headquarters are in London. From there, it oversees its operations across Europe, Asia and the Middle East.

Get latest news from African Startup ecosystem

Latest stories

You might also like...