The Spanish bank is looking to win more small business customers
In Brief
- The investment is worth £350mn and will see Santander take a 50.1 per cent in the London-based start-up,
- Ebury specialises in foreign exchange, cash management and trade finance services for SMEs.
- The London-based FinTech was founded in 2009 and reported revenues of £43.7m in the 12 months to April 2018.
What this means
Santander wants to build a global trade platform for businesses. However, unlike competitors Citibank, HSBC and Standard Chartered the Spanish lender sees a growth market in the underserved SME market. Ebury’s user-friendly system for bringing on board new customers will help reach that market.
