Ebanx Pays $229M for Transfer Service Remessa

Brazilian FinTech Ebanx announced on Wednesday (Dec. 15) that it had paid $229 million to acquire international money transfer service Remessa Online.

According to Reuters, Ebanx co-founder João Del Valle said Remessa’s remittance service will compliment Ebanx’s payments business, which is focused primarily on processing payments from customers of global websites.

In addition to Brazil, Ebanx does business in a variety of other Latin American nations, including Mexico, Colombia and Argentina, and processes payments for more than 35,000 companies.

Read more: Brazil’s FinTech Ebanx Readies IPO, Eyes LatAm Acquisitions

“We will expand our combined portfolio of solutions to our merchants, especially focused on our B2B and B2C currency-exchange services, while enabling Latin Americans to access dream brands from around the world,” said Ebanx co-founder and Chief Risk Officer Wagner Ruiz.

Remessa Online is also based in Brazil and has served 350,000 companies and individuals, totaling $5.2 billion in remittances since its founding five years ago.

Read more: Advent Backs Brazilian FinTech EBANX In $430 Million Deal

The acquisition comes less than six months after private equity firm Advent International paid $430 million to purchase a minority stake in Ebanx.

In May, PYMNTS reported that Ebanx was considering acquisitions in Latin America in preparation for a possible initial public offering (IPO). As part of these efforts, Ebanx was creating a platform called Ebanx One that would incorporate cross-border payments and local transactions.

“We haven’t set a date yet, but we are taking this IPO readiness project very seriously, and Ebanx One is at the core of our business value,” Del Valle said at the time.

Read more: EBANX Acquires Brazilian Payment Firm Juno

Founded in 2012, Ebanx has a mission of  “giving access for Latin Americans to purchase from international eCommerce merchants.”

The past few months have seen the company acquire the Brazilian payments firm Juno and launch a partnership with the eCommerce credit card payment platform Cybersource to streamline payments for customers across Brazil.

In an effort to streamline payments for customers across Brazil, this partnership lets Cybersource customers use Ebanx’s payment solutions and offer customers the ability to make online purchases with debit cards, credit cards, and buy now, pay later (BNPL) installments.