If there were any doubts about financial services in Brazil being ready for disruption, this has certainly changed. The country has just won another unicorn company to integrate its set of startups valued at $1 billion: the payments fintech company EBANX.
The fintech has raised a significant follow-on round from the growth equity investment firm FTV Capital, which leveraged EBANX to reach the coveted unicorn status. “EBANX has consistently outperformed our expectations, nearly doubling processing volumes in two years to over $2 billion US dollars,” said Robert Anderson, partner at FTV Capital, according to the official press release.
“The Latin American e-commerce market is projected to double by 2023, making solutions that reduce friction and help merchants sell more highly attractive to businesses looking to capitalize on this large, underpenetrated market opportunity. FTV is excited to continue to support the company given EBANX’s proven management team, differentiated product offering and customer centric approach,” Anderson further stated. Previously, in 2017, the fintech had already raised a $30million growth equity round from the investment firm, with participation from Endeavor Catalyst.
Headquartered in Curitiba, Brazil, EBANX connects global businesses to Latin American consumers, through cross-border payment processing service, local payment processing in Brazil, as well as other services beyond payments, such as marketing consultancy and a 24/7 local customer support. AliExpress, Wish, Pipedrive, Airbnb, and Spotify (these two in a partnership with Worldline) are some of the companies in EBANX’s portfolio.
“Becoming a unicorn reflects the unique solutions we have created to meet the demands of some of the world’s most recognized brands since we founded EBANX in 2012. From the start, our focus has been on connecting people in Latin America to global companies providing access and a seamless ability to transact. This investment from our partner FTV Capital highlights the continued success we have had in delivering best-in-class platform to our customers, and shines the light on Latin America as a massively attractive region for commerce,” said Alphonse Voigt, EBANX co-founder and CEO.