Business

EBANX sees business doubling in Mexico for the second year in a row in 2022

With clients like SHEIN, Shopee, and Wish, the Brazil-based fintech and owner of LABS is increasing its staff in the country to open the doors of the Mexican market to more global companies

João Del Valle, one of the founders and CEO of EBANX.
João Del Valle, one of the founders and CEO of EBANX. Photo: Rafael Dabul/EBANX Courtesy
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  • Unlike Brazil, where around five major marketplaces dominate the online retail sector, EBANX’s co-founder and CEO João Del Valle said Mexico’s scenario is more competitive;
  • He also said that an IPO could happen “this year or next,” although the company already has preparations underway.

EBANX, the Brazillian fintech unicorn that processes payments for global companies in Latin America and owns LABS, expects to double its business in the Mexican market for the second year in a row in 2022 as it pushes into Latin America‘s second economy, said the co-founder and CEO. of the company, João del Valle. According to him, EBANX is partnering with up to 10 new retailers, opening its first office in the country and expanding its team.

EBANX’s new office in Mexico City. Photo: Rafael Bautista/Courtesy.

READ ALSO: Latin American e-commerce to skyrocket 37% in 2021, shows EBANX’s Beyond Borders 2021/2022 study

EBANX transactions in Mexico are expected to grow 105% this year after jumping 115% in 2021, according to the fintech’s projections.

Unlike Brazil, where around five major marketplaces dominate the online retail sector, Del Valle said Mexico’s scenario is more competitive. “Mexico is much more diverse. We probably have ten marketplaces that serve 80% of the market, so this is much healthier and has much more room for competition and offering different services,” he said.

READ ALSO: Sequoia first investment in Mexico: Draftea raises $13.2 million

EBANX has clients such as Chinese fashion retailer SHEIN, Singapore-based Shopee, and the North American e-commerce platform Wish among its customers in Mexico. Del Valle says that the company intends to expand services so that new international companies enter the Mexican market.

Last month, EBANX announced the acquisition of the Brazilian international transfer platform Remessa Online for US$229 million. Last year, Advent International paid $430 million for a minority stake in EBANX.

READ ALSO: Advent International’s Brenno Raiko: “Our strategy is not to ‘spray and pray.’ Instead, we make larger, concentrated deals, and we make them with more conviction.”

Del Valle said an IPO could happen “this year or next,” although the company already has preparations underway. “When we think the time is right…we will be ready. That could be this year or next.”

(Translated by LABS)

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