- The fintech firm will work with the leading Portuguese bank to develop new digital forex offerings for corporate customers, and will permit online-only forex trading in a three-figure number of currencies
- The new move will help develop business for firms working in the importing and exporting sector
- “Ebury is delighted to be part of this pioneering partnership with a bank that is treading the path of innovation”, said a spokesperson for Ebury
A fintech firm has announced that it will work alongside a Portuguese bank to help deliver better digital services.
Ebury, which is a financial solutions company describing itself as offering “financial solutions simplifying international trade for SMEs”, will work alongside Crédito Agrícola.
The latter firm’s corporate customers will now be able to conduct commerce in a wide range of currencies across the world.
The new service will permit online-only forex transacting in a range of currencies from around the world.
In total, there will be over 130 currencies available.
In addition to this broad range of choice, it will also be offered at much more competitive prices.
It is understood that the central target customer will be those firms which rely on exporting and importing as part of building their businesses.
According to Licínio Pina, who serves as the president of the CA Group, the new development fits with the organisation’s “innovation strategy”.
“This partnership is in line with CA Group's innovation strategy, offering its customers a service that helps international business mitigate risks arising from it”, Pina said.
On behalf of Ebury Portugal, Duarte Líbano Monteiro – who serves as the country manager for the organisation – said that the partnership was in some ways “pioneering”.
“Ebury is delighted to be part of this pioneering partnership with a bank that is treading the path of innovation”, Líbano Monteiro said.
“It is the first time that a Portuguese Bank has partnered with a fintech to provide this service to companies, streamlining their international transactions and allowing them to consolidate their internationalisation”, he added.
Ebury is emerging as something of a major leader in the international money transfer field.
It was set up in 2012 by two business partners, Juan Lobato and Salvador Garcia.
It is understood to now work with 45,000 firms across the world and has had a trading volume of over $23bn in forex in just the last year or so.
Now, however, the firm is owned by Banco Santander in Spain.
It was acquired for around $43m, and Banco Santander received a stake in Ebury of just over half.
The investment move from Banco Santander led to Ebury finding new markets.
It expanded, for example, into the Latin American region and also into Asia, which is an emerging powerhouse in the world of remittances and cross border payments.
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