Ebury, the British fintech company focused on foreign exchange, announced on May 11 that they purchase Brazilian Bexs so as to bet on the growth of international money transfer of small and medium companies in Brazil. The value of the transaction was not disclosed.
Ebury buys Bexs so as to bet on the growth of international payments
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The fintech company claims to handle $23 billion in business-to-business transactions per year. Sergio Rial, the former CEO in Brazil of Spanish bank Santander, has been a shareholder and the chairman of Ebury’s board since 2019.
Bexs is composed of a brokerage house and a foreign exchange bank. It started out in 1989 as a brokerage house before expanding its operations, using its current name since 2010. First, Bexs started offering solutions for e-commerce portals to sell imported products in reais. Then it expanded the range of customers, including currency conversion mechanisms for global social networks to remunerate users with micropayments in local currency or for brokers to enable clients’ investments abroad.
Bexs has famous clients such as the e-commerce company Americanas and the short video social network TikTok. In a statement, Fernando Pierri, Ebury’s Commercial Director, said the purchase is a bet on Brazil’s foreign trade growth. In recent years, Brazil’s cross-border trade has grown very fast, especially for online shopping apps such as Shopee. Brazil has signed some free trade agreements, such as the one with the European Union, and has also been improving its foreign exchange rules. All this will boost the demand for foreign exchange and foreign accounts.
Founded in 2009 with a focus on digital foreign exchange for smaller businesses, Ebury operates more than 130 currencies through 27 offices in 20 countries.
About Bexs Pay
Bexs Pay is a pioneering cross-border digital payments company in Brazil. They offer a combination of digital payment solutions for online businesses in Brazil. In just a year, Bexs Pay has already handled millions of payments for global companies including TikTok, Wordline, Kwai and Thunes.