EBANX acquires remittance start-up Remessa Online in $229m deal

Brazilian payments unicorn EBANX has purchased remittances company Remessa Online in a deal valued at $229m.

EBANX is a cross-border commerce platform in Latin America connecting global merchants with local consumers. Remessa provides international remittance services and has claimed it has facilitated around $5.2bn in transfers for over 350,000 customers since its launch in 2016.

According to EBANX, the addition of Remessa’s technology will enhance its own payments solutions and will enable EBANX to ‘grow even faster’ as the firm looks to become a cross-border services powerhouse in Latin America.

EBANX co-founder and chief risk officer Wagner Ruiz said the deal was ‘completely aligned’ with the firm’s mission of ‘creating access and driving the digital transformation of Latin America’s business landscape’.

He remarked, “The acquisition will expand our combined portfolio of solutions to our merchants, especially focused on our B2B and B2C currency-exchange services”.

EBANX co-founder and CEO João Del Valle added, “The digital and financial inclusion we are seeing right now in Latin America will not drop off. It will keep pushing forward and play a leading role in the acceleration of digital markets and the payments ecosystem in the region.”

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