bury will continue to operate independently and maintain its entrepreneurial culture while benefiting from the additional support one of the world’s largest financial institutions can offer. The agreement also provides us with access to Santander’s large international network and means the company can continue its rapid expansion into markets such as Latin America.

We are excited about the opportunities this investment brings for the future but also that our customers will see further benefits on top of the high quality products and customer experience Ebury has delivered for the past ten years.

The announcement in full:

Banco Santander announced today the completion of its purchase of a c.50.1% stake in Ebury, one of the best international payment, FX and international cash management platforms for SMEs, after obtaining all regulatory approvals from the required authorities. This transaction was announced in November 2019 and is part of the bank’s digital strategy, providing SMEs with the necessary tools for their international expansion through global trade finance services.

Ebury already has operations in 17 countries and 140 currencies, and has increased its revenues by an average of 50% per year over the past three years. With the support of an international group such as Santander, the company will be able to expand its business to other markets in Latin America and Asia. Ebury maintains its headquarters in the United Kingdom, from where it operates a unique global distribution platform supported by a data-based business model that offers high-quality products and customer experience.

Santander invested c.£350 million (around EUR 400 million) in the deal. Of this amount, £70 million was used to bolster the company’s resources to underpin its international expansion. The agreement provides Ebury with access to Santander’s international network. The bank already supports more than four million SMEs worldwide, of which over 200,000 operate internationally. The bank can also offer support to Ebury’s existing customer base, which includes SMEs and companies, and agreements with financial and other industry partners.

Sergio Rial, Chairman of Santander Brazil and Chairman of Ebury, said: “The investment in Ebury is a significant strategic milestone for the bank, allowing us to boost our capabilities in an exciting market with high growth potential. This new acquisition will provide us with the capabilities to further increase the Global Trade Services business with a new world-class platform with which we expect a significant return on investment in the coming years.”

Juan Lobato and Salvador Garcia, co-founders of Ebury, explained: “In just over ten years, Ebury has grown from a small fintech company to a business with over 1,000 employees. Now, thanks to the support of Santander, we will be able to expand the business even more internationally and enter new markets”.

Through its Global Trade Services business, Santander supports access to international markets for small and medium-sized companies through trade finance, supply chain, payments and foreign exchange, with fast and efficient services. With a revenue pool around $200 billion, the goal of the bank’s global platform is to lead international trade for SMEs in Europe and Latin America, and it intends to expand to 20 markets in the medium term.

Ebury serves more than 43,000 active companies and operates in more than 140 currencies, according to closing data for 2019. Ebury’s revenues grew over 60% during the last reported period and is expecting to deliver growth of 60% for the current fiscal year ending in April 2020.

Click here to read the news on Santander.com.