Ebury, the Banco Santander-backed provider of corporate banking services to SMEs that trade internationally, has agreed to buy Bexs in a move that expands its international payments offering to Brazil.
The deal, subject to regulatory approval, includes the businesses Bexs Banco (foreign exchange) and Bexs Pay (payments), broadening Ebury's offering of international money transfer solutions for SMEs. Bexs will also help to provide digital services to businesses that sell their products online in Brazil, particularly marketplaces, applications, and software companies.
Bexs was formed in 1989 as Didier Corretora de Câmbio, becoming a foreign exchange bank in 2010. In 2012, it launched its cross-border e-commerce technology and nearly four years ago became an API platform, allowing direct integration of its systems with major players in the digital world, both in Brazil and abroad.
The firm's technology means that a small e-commerce business based in China can sell in Brazil via a marketplace and receive payments directly in dollars or another foreign currency. Alternatively, a social network can use the platform to ensure a steady flow of compensation to influencers, a transaction type characterized by a high volume of micropayments with currency conversion.
Sérgio Rial, chairman, Ebury, says: "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. In addition, its unique technology and business model for massive payments can be replicated in other geographies. The synergy possibilities are almost limitless."