By John Reynolds on 23rd October 2019
Purchase boosts Ebury’s geographic footprint in the Asia-Pacific region.
Ebury, the UK fintech which specialises in international payments and currency exchange, has acquired payroll provider Frontierpay, its first-ever acquisition as it looks to expand internationally.
Ebury, founded in 2010, offers foreign exchange services and trade finance to small and medium-sized businesses.
Juan Lobato, Ebury co-founder, said: "The transaction comes during a period of change for our business, as we partner with more financial institutions and invest heavily in the technologies that will change the way SME's trade and make payments internationally."
Frontierpay, which was founded in 2009, delivers payments across 180 countries and has offices in London and Singapore.
Ebury said the purchase would extend Ebury's geographic footprint in the Asia-Pacific region.
No financial details of the deal have been disclosed.
It said the purchase fits in with its strategy of investing in tech which helps drive the automation of international payments processes, with a focus on targeting those within finance and treasury functions of mid-market corporates.
Lobato added: "We know Frontierpay well so are confident of the product, client and geographic benefits and, most importantly, the cultural fit. The addition of Frontierpay’s founders to our team will complement our entrepreneurial spirit and add valued experience to our team."
“The continued addition of products to Ebury’s core platform demonstrates that as the platform matures, revenue opportunities develop through new service lines as well as geographic expansion."
“The development of an acquisition strategy will accelerate our growth, as we can reach more clients with more services than ever before. We look forward to another exciting period ahead.”
Owain Walters, CEO of Frontierpay: “This is a significant milestone for our business and we are delighted to be joining a like-minded minded company with a strong cultural alignment.”
“Access to Ebury’s platform and services will allow our already-strong growth rate to accelerate and give our existing clients the benefit of its unique cross-border transaction services, wider geographical coverage and a large dedicated technology team to drive our product development. ”