Banco Santander Acquires Controlling Stake in London-based Fintech Ebury for £350 Million

Madrid-based Banco Santander (Santander Group), a multinational commercial bank and financial services company, will be acquiring a 50.1% stake in Ebury for £350 million (appr. $450.9 million).

Ebury is a London-based Fintech firm that offers corporate banking services to small and medium-sized enterprises (SMEs) that trade internationally. The company conducts operations in 19 countries and processes transactions in 140 different currencies. Ebury has handled around £16.7 billion (appr. $21.5 billion) worth of transactions for its 43,000 customers who perform trades across Europe and the Americas.

According to the terms of the deal, the Santander Group will get a 50.1% majority stake for £350 million, out of which £70 million is primary equity that Ebury’s management will use to penetrate markets in Asia and Latin America.

Santander currently provides services to over four million SMEs throughout the world. The company services over 200,000 clients that regularly conduct international transactions.

Ana Botín, group executive chairman at Banco Santander, stated:

“Small and medium-sized businesses are a major engine of growth around the world, creating new jobs and contributing up to 60% of total employment and up to 40% of national GDP in emerging economies. By partnering with Ebury, Santander will deliver faster and more efficient products and services for SMEs, previously only accessible to larger corporates.”

Ebury is planning to take advantage of Santander Group’s capabilities, company brand and established banking network in order to form new business partnerships.

Co-founders of Ebury Juan Lobato and Salvador García noted:

“Combining a big bank with nimble Fintech means we can offer our clients the best of both worlds: they can benefit from our technology and high quality service safe in the knowledge that they are counterparty to one of the world most important financial institutions.”

They added:

“It is an exciting time for Ebury, we have just completed our first acquisition, and the new capital from Santander and our existing shareholders will allow us to invest in new ways to serve SMEs trading internationally and continue the growth in our business while keeping our entrepreneurial culture.

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