Ebury acquires Bexs to expand its footprint in Brazil

London-based fintech Ebury, which specialises in international transactions for SMEs, is set to acquire Brazilian fintech Bexs for an undisclosed sum.

Bexs will be acquired by Ebury

With the acquisition, Ebury aims to expand its offering of international money transfer solutions for SMEs as well as provide digital services to businesses that sell their products online in Brazil.

Bexs operates two businesses – Bexs Banco and Bexs Pay – both of which will also be acquired by Ebury.

Bexs Banco specialises in foreign exchange services, while Bexs Pay is a cross-border digital payments provider for e-commerce, SaaS and tech-driven firms. Its API platform offers payment solutions for pay-in or payout, enabling online businesses from Asia, Europe and North America to operate in Brazil.

As per the agreement signed with Ebury, Bexs’ CEO Luiz Henrique Didier Jr will continue to head the company’s operations in Brazil.

Following regulatory approvals, the fintech firm will be fully integrated into Ebury’s structure.

“We have a presence in 20 countries, and Brazil could not be left out. Furthermore, it serves as our gateway to Latin America,” says Fernando Pierri, Ebury’s chief commercial officer.

Pierri adds that the country’s free trade agreements and improvements in foreign exchange regulations will “boost demand” for foreign exchange and accounts abroad.

Founded in 2009, Ebury claims to process $17 billion in business transactions each year. It has a presence in 20 countries and more than 1,300 employees.