Banco Santander, the multinational bank and financial services company has acquired a 50.1% stake in UK-based fintech company Ebury for £350 million. The company will support Ebury’s expansion plans in Latin America and Asia for its payments platform. Santander has obtained all regulatory approvals from the required authorities for this transaction.
“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,” said Sergio Rial, Chairman of Santander Brazil and Chairman of Ebury.
Santander will invest £350 million and out of this, £70 million will be used to boost the company’s resources for international expansion. Under this agreement, Ebury will be able to use Santander’s international network. Ebury currently has operations in 17 countries and 140 currencies.
“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”, said Juan Lobato and Salvador Garcia, co-founders of Ebury.