The Spanish bank has acquired a 50.1 per cent stake in Ebury after an investment of £350m to support expansion plans in Latin America and Asia.
Santander has acquired a majority stake in Ebury after an investment of £350 million.
The fundraising will support expansion plans in Latin America and Asia of the payment and currency platform for SMEs. Santander owns 50.1 per cent stake of Ebury following the deal
Ebury says it is now active in 17 countries and 140 currencies and has increased its revenues by an average of 50 per cent per year over the past three years.
Sergio Rial, Chairman of Santander Brazil and Chairman of Ebury, said: "The investment in Ebury is a significant strategic milestone for the bank, allowing us to boost our capabilities in an exciting market with high growth potential. This new acquisition will provide us with the capabilities to further increase the Global Trade Services business with a new world-class platform with which we expect a significant return on investment in the coming years.”
Juan Lobato and Salvador Garcia, co-founders of Ebury, explained: "In just over ten years, Ebury has grown from a small fintech company to a business with over 1,000 employees. Now, thanks to the support of Santander, we will be able to expand the business even more internationally and enter new markets".