Ebury nabs £350M for foreign exchange and currency services for SMEs, Santander takes 50.1% stake
As the UK continues on its slow march to leave the European Union, a London-based startup that enables companies to work internationally has raised a huge round of funding from a strategic backer to expand its business. Ebury, which provides foreign exchange, money transfer and other currency services to small and medium businesses and their banking partners, has picked up £350 million (about €400 million, or $452 million) from a single investor, the Spanish banking giant Santander. With the deal, Madrid-based Santander will become a majority shareholder at 50.1% but Ebury will continue to operate as an independent entity.
Ebury and Santander said that the funding will be used to support Ebury’s growth, and specifically to scale its customer base in Latin America and Asia, while at the same time bolting on more modern services to Santander’s offerings as it seeks both to expand its revenues from existing customers and take on new ones.
Santander said that it has 4 million SME customers globally, and currently more than 200,000 of them do international business, while Ebury is already operating 19 countries and covers 140 currencies, with annual revenue growth of 40% in each of the last three years.
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