Ebury provides banking services to small businesses operating around the world. Present in 119 countries and in 140 different currencies, it has processed more than £ 16.7 billion in payments since its launch and has helped more than 43,000 customers trade internationally.
Santander buys its 50.1 percent stake in fintech for £ 350 million, of which £ 70 million will help Ebury penetrate new markets in Latin America and Asia.
This is a bold but expected initiative by Santander, which manages the accounts of more than four million small and medium-sized businesses around the world, including 200,000 internationally. The partnership between Santander and Ebury will also enable fintech to leverage the bank's relationships, assets and brand to form new banking partnerships.
Ana Botín, Executive Chairman of the Banco Santander Group, said: "Small and medium-sized enterprises are a major driver of growth in the world. They create new jobs and contribute up to 60% of total employment to 40% of national GDP in emerging economies. By partnering with Ebury, Santander will provide SMEs with faster and more efficient products and services, which were previously available only to large companies. "