EBANX, a fintech that processes payments for global companies in Latin America and is also the owner of LABS, and VTEX, a digital commerce platform for business and retail, have announced a partnership focused on cross-border payments for Brazilian e-commerces operating in the region. Through the partnership, the two unicorns will make available to Brazilian companies more than 100 payment methods in 15 countries in South and Central America.
Companies that are customers of VTEX, a SaaS digital commerce platform that enables them to build online stores, marketplaces and manage orders through multiple channels, will be able to choose and contract payment methods offered by EBANX, from credit and debit cards to digital wallets and PIX (Brazil’s instant payment system), choosing those that best fit their business proposal, both for sales within Brazil and to other Latin American countries. VTEX currently serves more than 2,400 customers and has about 3,200 active online stores.
For Astha Malik, Chief Operating Officer (COO) at VTEX, the union is a way to leverage this good moment in the market and a reflection of the evolution of the services that the company offers to its customers.
“With our connected ecosystem, brands and retailers can explore new business models, and optimize and grow their operations. EBANX brings technology and experience so that our customers can expand their business even further throughout Latin America,” she said in a press statement.
The companies’ initiative targets a huge contingent of businesses that need tools to meet growing demand from online shoppers. Data from the Beyond Borders study shows that by 2021, 68% of Latin American consumers were already e-commerce users – a rate far above the 45% of pre-pandemic years. The digital market in Latin America is projected to grow 30% per year until 2025, an acceleration comparable only to that of Asian markets.
Paula Bellizia, president of Global Payments at EBANX, highlighted the timing of the partnership. “The cross-border market in Latin America is expected to move about $45 billion by 2022. It is time for the big Brazilian players to take advantage of this opportunity to expand their business. In addition to the top-notch product, these customers will be able to take advantage of EBANX’s experience of more than 10 years in the region, making it easier to deal with legislation and payments in different countries.”
The fintech, which turned 10 years old in March, serves more than a thousand global customers, such as SHEIN, Shopee, Spotify, and Uber, and more than 35,000 merchants in Brazil.