UK-based corporate banking services provider Ebury yesterday picked up £350m ($450m) in funding from financial services firm Santander, consisting of primary and secondary equity.
Santander supplied $90m in primary equity. Unnamed, existing investors also contributed capital, as did Ebury’s co-founders and management, but it is not clear how much money they invested and if it is included in the $450m total figure.
The deal gives Santander a 50.1% majority stake, but Ebury will continue to operate independently.
Founded in 2009, Ebury enables small and medium-sized enterprises to trade internationally by facilitating financial processes such as cross-border payments, sending mass payments in multiple currencies and foreign exchange risk management.
Ebury currently operates in 19 countries, handling 140 currencies, and has grown to more than 4 million clients. It will use the investment to expand across Latin America and Asia, while tapping into Santander’s expertise to form partnerships with banks.
Sergio Rial, Santander Brasil’s chief executive and executive sponsor of Santander’s Global Trade Services business, will join Ebury’s board as chairman.
The company has obtained more than $134m in primary equity funding to date, it said, though this does not match previous reports. Financial services firm NIBC invested an undisclosed sum in 2017, adding to $83m from 83North and Vitruvian Partners in 2015.
83North had already injected $30m in 2014, adding to $5.6m in funding from investors including Envestors the previous year.
