Brazilian payments platform Ebanx acquires remittance start-up Remessa Online for $229m
Ebanx has acquired Brazilian fintech start-up Remessa Online in a deal worth $229 million.
Founded in 2016, Remessa specialises in international remittance services and claims to have facilitated around $5.2 billion in transfers for more than 350,000 customers since its launch.
Ebanx says the addition of Remessa’s technology will enhance its own payments solutions and will allow the firm to “grow even faster” as it looks to become a “powerhouse for cross-border services” in Latin America.
The deal comes less than two months after the Brazilian payments platform picked up B2B fintech Juno for an undisclosed sum. Juno provides billing, payments solutions and banking services.
Ebanx also recently acquired 30% of Banco Topazio, which provides foreign-exchange and payment services.
The company’s shopping spree has been spurred by a $430 million Series C investment that Ebanx received from Advent International in June.
Wagner Ruiz, co-founder and chief risk officer at Ebanx, says the deal is “completely aligned” with the company’s mission “of creating access and driving the digital transformation of Latin America’s business landscape”.
He adds the acquisition will “expand our combined portfolio of solutions to our merchants, especially focused on our B2B and B2C currency-exchange services”.
João Del Valle, co-founder and CEO of Ebanx, says: “The digital and financial inclusion we are seeing right now in Latin America will not drop off.
“It will keep pushing forward and play a leading role in the acceleration of digital markets and the payments ecosystem in the region.”