U.K. payments platform Ebury and Portuguese bank Crédito Agrícola (CA) have forged a partnership to allow the bank to work with more customers online and in a wider range of currencies, Ebury announced Thursday (March 19).
The partnership will focus on carrying out foreign exchange transactions and will allow those who access Ebury's services to trade in over 130 currencies at competitive rates. Companies that traffick in international business sales and other import and export operations should find use with the partnership, the company said in a statement.
Licínio Pina, President of the CA Group, said the partnership matched up with the bank's idea to offer services that minimize risk as much as possible.
Duarte Líbano Monteiro, country manager for Ebury Portugal, said the company was happy to be working with CA. He added that this was the first time a Portuguese bank had decided to use such services, working with streamlined technology to accelerate their levels of business.
Ebury was formed in 2012 by partners Salvador Garcia and Juan Lobato. Since then, it has grown to accommodate 45,000 businesses in numerous countries, trading more than $23 billion in foreign exchange in the past year or so.
The company was acquired last year by Spanish bank Banco Santander for the sum of $43 million, as the bank got a stake in just over 50 percent of Ebury.
The company's focus on helping smaller businesses with technology to trade internationally was expected to be a boost for Santander. Ebury operated in 19 countries and expanded into Latin America and Asia once Santander got involved.
Ebury lent its services recently to London-based Just Cashflow, which provides specialty lending services. With Ebury's help, the company was able to stay on top of things amid the confusion of Brexit, particularly relating to cross-border services.
Executives with the company called the times ones of "unprecedented upheaval." But with Ebury's help, the company was able to alleviate fears and apprehensions arising from the muddled and unexpected landscape of Brexit, according to executives.