Ebury, the Banco Santander-backed provider of corporate banking services to SMEs that trade globally, has reportedly agreed to acquire Bexs in a deal that further expands its international payments offering to Brazilian markets.
The transaction, currently subject to regulatory clearance, reportedly includes the companies Bexs Banco (foreign exchange) and Bexs Pay (payments), widening Ebury’s product offering of global funds transfer solutions for small businesses.
Bex will also assist with offering all-digital services to companies that sell their products online in Brazil, especially marketplaces, applications, and software firms.
Bex was established back in 1989 as Didier Corretora de Câmbio, becoming a foreign exchange bank in 2010.
Then in 2012, it introduced its cross-border digital commerce tech and almost 4 years ago, it became an API platform, enabling direct integration of its systems with key players in the digital world (in Brazil and other jurisdictions).
The company’s tech allows smaller digital commerce firms based in China to sell in Brazil through a marketplace and accept payments directly in US dollars or another major foreign currency.
As mentioned in the update, a social network may use the platform to ensure a steady flow of compensation to influencers, a transaction type with (usually) a high volume of micropayments with currency conversion.
Sérgio Rial, Chair at Ebury, stated:
“Bexs is more ‘tech’ than ‘fin’, capable of combining globally scalable solutions with in-depth expertise in currency regulation. The acquisition by Ebury will provide access to a portfolio of potential customers across other markets. In addition, its unique technology and business model for massive payments can be replicated in other geographies. The synergy possibilities are almost limitless.”
As covered earlier this year, Ebury had revealed that it’s accelerating its international growth efforts with the appointment of Louise Chan as company COO.
Louise takes on an expanded Chief Operating Officer role “covering Operations as well as Product, Data and Regulatory Reporting,” according to a release.
Louise is an international leader in the virtual payments sector. She specializes in multi-currency capabilities, with an established track record of “delivering transformation and business growth in complex environments.”