EBANX, a Latin American fintech which connects local customers to global merchants, announced a $400 million investment by Advent International, and an additional $30 million commitment to the company’s planned US IPO according to a press release.
Founded in 2012, the company says it plans to use the investment to continue expanding across Latin America in countries such as Mexico, Columbia and Argentina. The company also plans to develop digital solutions and recruit more talent.
“Our goal has always been to develop the highest-performing digital payments solutions, recruit the best technology talent and business minds, and deliver a superior value proposition that makes it easier and more cost effective for global companies to access and grow their businesses across Latin America,” João Del Valle, CEO and co-founder of EBANX, said in a statement.
EBANX operates in nine Latin American markets and has plans to add six more. It currently has connected over 70 million customers to international websites, offers more than 100 payment methods and works with over 1,000 merchants which includes AliExpress, Uber and Airbnb.
The service provider has grown at a rapid pace as of late, processing over $3.5 billion in volume over 150 million transactions in 2020. EBANX is likely to double that volume this year, with an expectation to process more than $7 billion in 2021, according to Reuters. Mario Malta, Managing DIrector and Head of Latin America Financial Services at Advent says that “EBANX is one of the most impressive companies I’ve seen in the last 20 years,” according to the release.
“The company is the clear leader in a rapidly expanding market, serving clients that are among the fastest-growing companies in the world and helping them to sell throughout Latin America with simplicity, confidence and higher-levels of transaction approval,” Malta said in the news release.
The company’s EBANX One platform is designed to reduce the differences in currencies, taxes and regulations in Latin America and simplify the payment process for international companies looking to break into the region.
The platform allows global brands to sell to Latin American’s in their local currency with local payment methods while still receiving funds in USD according to EBANX’s website.
In other recent fintech news, Stripe investors have increased their stakes in Stripe ahead of the payment processor’s public listing. MoneyLion has also received investigative demands from regulators ahead of its $2.4 billion SPAC merger with Fusion Acquisition Corp.