London FinTech Ebury Expands Global Footprint with Bexs Acquisition

London financial services firm Ebury signed a deal to acquire Brazilian FinTech Bexs in a move to broaden Ebury’s offerings of global money transfer solutions for small- to medium-enterprises (SMEs).

Ebury operates in 20 countries. The purchase of Bexs includes businesses Bexs Banco for foreign exchange and Bexs Pay for payments, according to a press release on Wednesday (May 11).

The comingled business will facilitate the opening of accounts in other countries, which will enable SMEs to transact directly in a market’s local currency.

Headquartered in São Paulo, Bexs has already processed international payments for over 50 million Brazilians. In 2021, it handled over 30 million foreign exchange transactions with the integration of its local instant payment solution Pix.

“Bexs is more ‘tech’ than ‘fin,’ capable of combining globally scalable solutions with in-depth expertise in currency regulation. The acquisition by Ebury will provide access to a portfolio of potential customers across other markets,” said Sérgio Rial, chairman of the board of directors of Ebury.

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Bexs launched in 1989 as Didier Corretora de Câmbio. In 2010, it received authorization from the Brazilian Central Bank to operate as a foreign exchange bank and started doing business under the name Bexs. Two years later, it started operating in the marketplace and SaaS (software-as-a-service) segments. The company became an API platform in 2018.

Under the terms of the agreement, Bexs CEO Luiz Henrique Didier Jr. will continue to head the operations in Brazil.

Read more: Digitizing Payments in Latin America Playbook: Brazil Is Setting the Standard

“We have a presence in 20 countries, and Brazil could not be left out. Furthermore, it serves as our gateway to Latin America,” said Ebury Chief Commercial Officer Fernando Pierri.

“Brazil remains very closed to foreign trade, but this has been rapidly changing as it seeks to accelerate its internationalization. The country has signed free trade agreements, including one with the European Union, and has also been working to improve its foreign exchange regulations. All this will boost demand for foreign exchange and accounts abroad,” Pierri said.