London-based business finance outfit Ebury has snagged a massive $83 million funding round led by Vitruvian partners.
The six-year old company, which offers an array of overseas money movement and management services to small businesses, says the latest round brings its total funding to date to $110 million.
In the year to April 2015, Ebury’s customer base doubled and it now services over 10,000 mid-sized businesses, helping them to collect money from overseas customers, move cash to and from international subsidiaries and manage their currency exposure. Operating in a sector overlooked by traditional corporate bankers, the firms says it is on track to match or exceed the same level of growth once again this year.
Commenting on the deal, Stephen Byrne, partner at Vitruvian, says: “Ebury is disrupting the traditional banking market, supporting international businesses with financial services historically out of reach for all but the largest companies, all at low cost and high service levels."
Salvador Garcia, CEO and co-founder of Ebury, says the funding will be used to fuel the company's expansion across Europe, as well as its launch in the US, which is anticipated in the first half of 2016.
"The traditional financial system has failed to keep pace with the needs of mid-sized businesses, offering prohibitive rates and services that are too slow and cumbersome for organisations that must move quickly to take advantage of new opportunities," says Garcia. “By providing these previously underserved businesses with financial services that are normally reserved for large companies, Ebury is enabling them to fulfil their international potential."