Contxto – One of Brazil’s youngest unicorns, QuintoAndar, just got a new sibling. This past week, Latin America’s largest economy minted yet another company worth over US$1 billion. Following an undisclosed round led by past investors FTV Capital and Endeavor Catalyst, EBANX has reached a new milestone for its financial services.
Ready for expansion, the fresh capital will reportedly fund new hiring efforts, plus launching more services in Colombia in 2020. At the same rate, the fintech expects to process US$2 billion worth of payments by year’s end.
Back in January 2018, FTV Capital and Endeavor Catalyst also invested US$30 million into EBANX.
Localized payment solution
If the name doesn’t ring a bell, EBANX assists international merchants exponentially grow in Latin America. Founded in 2012 and based in Curitiba, partners collaborate with the fintech to enter fast-growing markets, especially Brazil.
To accomplish this, the Brazilian unicorn offers a platform for end-to-end localized payments. In other words, international enterprises can access over 100 local payment options through the fintech, on top of direct connections with more than 50 Latin American banks and payment processors.
“Becoming a unicorn reflects the unique solutions we have created to meet the demands of some of the world’s most recognized brands since we founded EBANX in 2012,” said co-founder and CEO Alphonse Voigt.
For Voigt, his company’s success demonstrates that Latin American economies are steadily maturing. Based on recent developments, the fintech appears to finally be consolidating itself in the region.
“From the start, our focus has been on connecting people in Latin America to global companies providing access and a seamless ability to transact,” added Voigt.
“This investment from our partner FTV Capital highlights the continued success we have had in delivering a best-in-class platform to our customers and shines the light on Latin America as a massively attractive region for commerce.”
Financial services unicorn
EBANX’s solution allows international companies to process payments and expand operations in Latin America, particularly e-commerce vendors. Prominent partners include AliExpress, Wish, Gearbest, Pipedrive, Spotify, as well as Airbnb.
Besides the payment processing, the fintech also offers market services, analytics, anti-fraud efforts, customer service, in addition to marketing consultancy. All the while, regional know-how is never in short supply.
“We have a deep knowledge of the Latin American market,” said Voigt. “We engage closely with our consumers and are always looking out for our merchants’ needs.”
According to Voight, success in Latin American requires approaching every nation on an individual basis.
“To succeed in Latin America, it is very important to understand the specificities of each country, and that’s exactly what EBANX offers – technology, proximity, and solutions that fit seamlessly into the region’s context and are tailored to our merchant’s business models,” said Voigt.