Ebury has announced that the Central Bank of Brazil has approved its acquisition of Bexs Group, including both Bexs Banco and Bexs Pay. After this approval, both companies will work to advance the integration procedures and efforts to accelerate the launch of new products in the Brazilian market.

The acquisition is set to broaden Ebury’s offering of international money transfer solutions for SMEs and amplify its digital offerings to online businesses in Brazil, particularly marketplaces, investment applications, and software companies. Ebury will enable large-scale payments from abroad to Brazil by leveraging Bexs Group’s technology. The company aims to onboard 3,000 clients in the country by 2025.

As stated in the official press release, Ebury’s global growth strategy is increasing its presence in Latin America, with the company currently employing more than 1,700 employees across 38 global offices in 25 countries. The acquisition is intended to facilitate financial and commercial operations between Brazil and the world. The solutions conceived also comply with Brazilian regulations and are a key step for the globalisation of companies based in the country, especially small and midsized companies that may have difficulties tapping into international markets.

Following the acquisition, Bexs Group will be branded as Ebury Bank in Brazil, as the company holds a local banking licence concerning FX services. This allows the company to offer a full range of FX and international payment products to its customers. Bexs' transition to Ebury Bank In June 2023, representatives from Bexs stated that the transition to Ebury Bank has had a significant impact on the company in terms of its operations, market positioning, and growth prospects.

At that time, the acquisition was still pending approval, however, it represented an opportunity for Bexs to establish itself as a global brand and leverage the strength of Ebury's market positioning.  By aligning with Ebury's global strategy, Bexs would be able to expand its offerings and market presence. The collaboration would allow Bexs to tap into Ebury's expertise, resources, and established market channels, which can fuel the growth trajectory in the long term. About Ebury Ebury is a global financial services firm that aims to empower businesses of all sizes to trade and grow internationally, by removing global barriers.

It seeks to provide unified solutions such as international payments and collections, FX in more than 130 currencies, cash management, business lending, risk management, and API integrations. The company is a fast-growing global fintech company, now operating in offices across 25 countries. Backed by investors and regulated by the Financial Conduct Authority in the UK, Ebury transacted over GBP 27 billion annually in FY22.

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