Ebanx Ltda, a Brazilian payments company operating in 16 Latin American and African countries, is set to expand its operations to India by the end of the year as part of its global expansion strategy targeting developing nations.
Ebanx, backed by investors like Advent International LP and FTV Capital, is gearing up to offer global merchants the capability to process payments through its platform, including India’s thriving Unified Payments Interface (UPI). This move represents one of Ebanx’s most significant investments in large emerging markets as it strives to connect them to global commerce.
CEO and co-founder Joao Del Valle explained that expanding into emerging markets and linking them to global trade is a central part of their vision. Ebanx has established itself as a key player in Brazil’s instant payments platform, PIX, which is now more widely used than credit cards in the region.
The move to India is particularly strategic, as the country boasts a substantial UPI user base, with approximately 22% of its nearly 1.4 billion population utilizing the platform. UPI is expected to process around 1 billion transactions daily by the end of the year.
Ebanx aims to provide merchants with the flexibility to process payments through various methods preferred by consumers, all within a single platform. Paula Bellizia, global head of payments at Ebanx, highlighted their focus on accommodating different payment methods that consumers prefer in these rising markets.
While Ebanx executives did not disclose details about the initial multinational merchants involved in the India operation or the team’s size in Mumbai, the company’s core focus is on payments in sectors such as e-commerce, gaming, streaming, digital advertising, and online travel booking. Ebanx serves notable clients like Sony Group Corp., Uber Technologies Inc., SheIn Group Ltd., and Shopee Co Ltd.
Though the company did not disclose its annual payments volume, it reported a 44% increase in 2022 compared to the previous year. In 2020, Ebanx processed $3.5 billion across 150 million transactions.
Regarding its initial public offering (IPO) plans, the company is not currently prioritizing this, but it remains a well-considered milestone within the next one to three years. Despite challenges in the tech industry over the past 18 months, Ebanx has managed its operations through prudent financial management, without taking on new investors or debt.
Ebanx has also expanded beyond Latin America by entering South Africa, Kenya, and Nigeria while concentrating on alternative payment methods, particularly mobile, to cater to regions with low credit card penetration. The company continues to focus on executive hires and global expansion, reinforcing its position as a global player.
