Ebury to Buy Brazilian Fintech Firm Bexs

"Bexs is more ‘tech’ than ‘fin’..." Well, I'm not changing the headline.

SME-focused fintech company Ebury has the Brazilian market in its sights with its intention to acquire São Paulo-based Bexs for an undisclosed sum.

London-headquartered Ebury explains that Bexs includes the businesses Bexs Banco (foreign exchange) and Bexs Pay (payments).

The acquisition, which is subject to regulatory approval, aims to broaden the company’s offering of international money transfer solutions for SMEs, and provide digital services to businesses that sell their products online in Brazil, particularly marketplaces, applications and software companies.

“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,” says Sérgio Rial, Chairman of the Board of Directors of Ebury.

There are no details about any job cuts as part of the acquisition. However, under the terms of the agreement signed with 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.

According to Ebury, Bexs’ technology also enables large-scale payments from abroad to Brazil. Bex has processed international payments (in & out) for more than 50 million Brazilians. In 2021, it handled over 30 million transactions integrating foreign exchange with the local solution Pix (instant payment). In the same year, total foreign exchange transactions exceeded the BRL 20 billion (£3.2 billion) mark.

Born in 1989 as Didier Corretora de Câmbio, Bexs received authorisation from the Brazilian Central Bank to operate as a foreign exchange bank in 2010 and started doing business under its present name.

In 2012, it launched its cross-border e-commerce technology, enabling it to operate in the marketplace and SaaS segments. Nearly four years ago, the institution became an API platform, allowing integration of its systems with players in the digital world, both in Brazil and abroad.

Ebury is responsible for $21 billion (£17.2 billion) in business transactions each year and has operations in Europe, Asia, the Middle East and the Americas. In April 2020, the fintech firm confirmed that Santander’s £350 million investment – and purchase of a c.50.1% stake in Ebury – was completed. (Ebury operates independently.)

The Bexs deal is another example of a UK fintech firm doing well and snapping up a foreign entity. Also today (12 May), payments provider Checkout.com revealed its plans to acquire Paris-based digital identity verification startup ubble.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 17 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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