UK-based Ebury, a fintech focused on international transactions for small and medium-sized businesses, has announced today that it bought 100% of the Brazilian fintech Bexs, including the businesses arms Bexs Banco (foreign exchange) and Bexs Pay (payments).
With the acquisition, Ebury, which already operates in 20 countries and reports to handle $21 billion in business transactions each year, arrives in Brazil. “We have a presence in 20 countries, and Brazil could not be left out. The country has been working to improve its foreign exchange regulations. All this will boost demand for foreign exchange and accounts abroad. Furthermore, it serves as our gateway to Latin America,” said Fernando Pierri, Ebury’s CCO.
Ebury aims to broaden the company’s offering of international money transfer solutions for SMEs, as well as to provide digital services to businesses that sell their products online in Brazil, particularly marketplaces, applications, and software companies.
Founded in 1989, Bexs got authorization from the Brazilian Central Bank to operate as a foreign exchange bank in 2010. In 2012, it launched its cross-border e-commerce technology, enabling it to operate in the marketplace and SaaS (software as a service) segments.
Bexs’ technology enables large-scale payments from abroad to Brazil and now, through Ebury infrastructure, both companies will be able to offer the opening of accounts in other countries, which will allow even small businesses to transact directly in the local currency of each market, without necessarily having to bring the money into the country. Thus, a small e-commerce business based in China, for example, can sell in Brazil via a marketplace and receive payments directly in dollars or another foreign currency.
Headquartered in São Paulo city, Bexs has already processed international payments (in&out) for more than 50 million Brazilians. In 2021, it handled over 30 million transactions integrating foreign exchange with PIX (Brazilian instant payment system) and reached BRL 20 billion mark in total foreign exchange transactions.
“Bexs is more ‘tech’ than ‘fin’, capable of combining globally scalable solutions with in-depth expertise in currency regulation. In addition, its unique technology and business model for massive payments can be replicated in other geographies,” said Sérgio Rial, Chairman of the Board of Directors of Ebury.
Bexs’ CEO, Luiz Henrique Didier Jr., will continue to head the operations in Brazil. Following regulatory approvals, the institution will be integrated into Ebury’s structure.