Ebury, the fintech offering cross-border payment solutions, has launched its new ‘Ebury Bank’ brand, to advance its expansion across Brazil.
Ebury acquired the Brazil-based Bexs Group, which includes Bexs Banco (FX) and Bexs Pay (payments) and is now undergoing the last stages of the framework for the transition of controllers, following the procedures of the Brazilian Central Bank.
The Ebury Bank brand will be exclusively for the Brazilian market and reflects the local FX banking license held by the institution to offer a wide range of cross-border payment products for legal entities.
Fernando Pierri, global chief commercial officer at Ebury, commented: “Brazil is a key country in Ebury’s geographic expansion. In our growth strategy, we believe it will be crucial to increase our revenues while at the same time helping thousands of local companies join the international trade system.”
Ebury plans to hold an IPO within the next two years. Founded in 2009, it is currently present in more than 25 countries, including the United Kingdom, Spain and now Brazil, which are its flagship markets. It plans to grow in both FX services offered to SMEs, including international accounts, and through APIs to platforms and other technology companies.
As part of its expansion across Latin America, Ebury already has operations in Chile. The company also launched operations in Africa with the acquisition of Prime Financial Markets in South Africa.
Products to support SMEs and larger companies
Luiz Henrique Didier Jr, executive officer in charge of FX-as-a-Service products at Ebury, said: “There is room for a new offering through technology to simplify the arrival of large Chinese players to Brazil, considering the shopping journey up to payment methods. For example, making direct FX transactions between the Brazilian real and the Chinese yuan a more comprehensive reality than is currently possible.”
For companies operating in the foreign trade segment, the bank plans to expand its product offering to help them address the financial risks inherent to FX operations. The Brazilian real is highly volatile in relation to the US dollar, euro and yuan.
Managers of exporters or importers can hedge their revenues or control costs by contracting products that reduce the risk of price fluctuations.
Claudia Bortoleto, country manager at Ebury in Brazil, also added: “The fact is that the Brazilian real fluctuates considerably, and we are in the final phase of monetary tightening in the leading economies. Both SMEs and large companies need products that preserve their commercial margins to avoid surprises.”
