Banco Santander will acquire a majority stake in UK Fintech Company Ebury for £350m ($400). Santander will acquire 50.1% with $90m to be comprised of new primary equity to support Ebury’s plans to enter new markets in Asia and Latin America.
Bank Officials from Santander said the investment will increase the strength of its global trade services business and establish its position as the ‘Bank of Choice’ for Small and Medium Enterprises either trading or whom aspire to trade in Europe, the U.S. and later in Asia.
Fintech Jobs Growth
The deal with Spain’s biggest Bank is great news for the Fintech Jobs Market. “Small and medium sized businesses are a major engine of growth around the world, creating new jobs and contributing up to 60% of total employment and 40% of national GDP in emerging economies,” Ana Botin, group executive chairman at Banco Santander, said in a company release. “SMEs are becoming increasingly global and Santander is the best positioned bank to play a leading role to help them access global trade finance.”
“Combining a big bank with [a] nimble fintech means we can offer our clients the best of both worlds,” Ebury founders Juan Lobato and Salvador Garcia said in the release. “They can benefit from our technology and high-quality service safe in the knowledge that they are counterparty to one of the world’s most important financial institutions.”
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Source: MobilePaymentsToday.com
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