Ebury completes first acquisition with Frontierpay purchase
Financial technology and investment firm Ebury has completed its first acquisition, snapping up international payroll firm Frontierpay.
The acquisition forms part of Ebury’s broader strategy to invest in technologies that will “help accelerate the automation of international payment processes”, specifically those in finance and treasury functions of mid-market corporates.
Frontierpay, which was founded in 2009, delivers “cost effective and reliable” payroll payments across 180 countries. For Ebury, the deal will be used to enhance its global trade and transaction banking platform and bolster its growth.
“This transaction comes during a period of change for our business, as we partner with more financial institutions and invest heavily in the technologies that will change the way SMEs trade and make payments internationally,” says Juan Lobato, Ebury’s co-founder and CEO.
“We know Frontierpay well so are confident of the product, client and geographic benefits and, most importantly, the cultural fit. The addition of Frontierpay’s founders to our team will complement our entrepreneurial spirit and add valued experience to our team.”
Owain Walters, CEO of Frontierpay, describes the deal as a “significant milestone” for the company.
“Access to Ebury’s platform and services will allow our already-strong growth rate to accelerate and give our existing clients the benefit of its unique cross-border transaction services, wider geographical coverage and a large dedicated technology team to drive our product development.”
Ebury did not disclose financial information regarding the acquisition.