The Central Bank of Brazil has approved Ebury’s acquisition of Bexs Group. This includes both Bexs Banco (foreign exchange) and Bexs Pay (payments). Both companies will now work to advance integration procedures and efforts to accelerate the launch of new products in the Brazilian market.
Why it matters
The acquisition broadens Ebury’s offering of international money transfer solutions for SMEs. Moreover, it amplifies its digital offerings to online businesses in Brazil, particularly marketplaces, investment applications, and software companies. Ebury will enable large-scale payments from abroad to Brazil by leveraging Bexs Group’s technology. The company aims to onboard 3,000 clients in the country by 2025.
Increasing its presence in Latin America is a key aspect of Ebury’s global growth strategy. The company currently employs more than 1,700 employees across 38 global offices in 25 countries. According to Ebury, this will facilitate financial and commercial operations between Brazil and the world. The solutions conceived also comply with Brazilian regulations and are an important step for the globalisation of companies based in the country. This is especially the case for small and midsized companies that have difficulties tapping into international markets.
Deal accelerates Brazil’s connection with key economic regions
Luiz Henrique Didier, ED of Ebury in Brazil, said: “We are excited to expand our offering for SMEs in Brazil operating in international trade. It strengthens our position as leaders in meeting the needs of digital e-commerce, investment platforms and other companies operating in the cross-border segment.”
Fernando Pierri, Global Chief Commercial Officer of Ebury, added. “This acquisition opens up huge potential for Ebury to offer new foreign exchange services for Brazilian companies and to integrate payment solutions into global marketplace platforms. The international payments world still has many friction points. We will continue to innovate to bring forward solutions to improve the experience of these services.”
Bexs Group will be branded as Ebury Bank in Brazil, as it holds a local banking licence concerning FX services. This allows the company to offer a full range of FX and international payments products to its customers.
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