Ebury, a global fintech that offers cross-border payment solutions, is advancing in its expansion across Brazil with the launch of the Ebury Bank brand. It acquired the 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. 

The importance given to Ebury Bank confirms the understanding that the  London-based fintech regards Brazil as a strategic pillar for its ambitions. “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” said Fernando  Pierri, Global Chief Commercial Officer at Ebury. 

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. 

New products 

In the segment offering products through API, the big bet is on offering technology products and services involving China and Brazil. “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”, said Luiz  Henrique Didier Jr., executive officer in charge of FX as a Service product.

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 to the U.S. dollar, euro, and yuan. Managers of exporters and/or importers can hedge their revenues or control costs by contracting products that reduce the risk of price fluctuations. “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”, said Claudia Bortoleto, Country Manager at Ebury in Brazil.