Narayan AmmachchiBrazil’s cross-border payment processing firm Ebanx has turned out to be the latest LatAm startup to gain unicorn status following a new round of funding by FTV Capital.
Curitiba, Brazil-based Ebanx counts AliExpress, Wish, Gearbest, Pipedrive, Spotify, and Airbnb among its customers, and expects its annual revenue to exceed US$150 million this year.
Ebanx was launched in 2012 when its founders figured out that there was little option for Latin Americans to pay for the goods they purchase on global e-commerce sites.
“EBANX has consistently outperformed our expectations, nearly doubling processing volumes in two years to over $2 billion US dollars,” says Robert Anderson, partner at FTV Capital, whose money accounted for a bulk of the US$30 million funds the Brazilian company raised in 2017.
With Latin American e-commerce market projected to double by 2023, FTV Capital expects Ebanx to grow multiple folds in the years to come.
“From the start, our focus has been on connecting people in Latin America to global companies providing access and a seamless ability to transact,” says Alphonse Voigt, co-founder and chief executive officer (CEO) of Ebanx.
In addition to payment processing, the fintech firm provides market intelligence services, analytics, and anti-fraud strategies.
Earlier in April this year, the fintech firm launched its own payment bank. Although this banking service is currently limited to Brazil, the company is hoping to expand it to Colombia sometime next year.
These days many more global firms, including Visa, Spotify, Coursera, Scribd, Ctrip and Shopify, are partnering with Ebanx technology for processing payments.
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