London-based financial technology firm, Ebury announced yesterday that the company has signed an agreement to acquire Bexs, a Brazilian financial technology platform. The acquisition will help Ebury to expand its international payments offering in the growing market of Brazil.
The acquisition, which is subject to regulatory approval, will facilitate the businesses in Brazil through technology-driven money transfer solutions. According to the details shared by Ebury, some of the prominent names in Brazil’s corporate sector are already using the services of Bexs.
"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, the 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."
To support SMEs around the world, Ebury has formed several partnerships in the past few months. In November 2021, the fintech company established a collaboration with Santander Germany to assist local businesses.
Fintech in Brazil
Brazil is the largest economy in Latin America. The country is home to prominent fintech firms in the region. With the growing adoption of digital methods in the payments industry, Brazil has become one of the most attractive fintech markets in the world.
"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 signed free trade agreements, including one with the European Union, and has also been working to improve its foreign exchange regulations. All this will boost demand for foreign exchange and accounts abroad."
