Banco Santander had acquired a 50.1% stake in payments platform Ebury.
In Brief:
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The purchase, worth £350mn, was announced yesterday following regulatory approval.
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Ebury is an international payment, FX and international cash management platform for SMEs.
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It operates in 17 countries and 140 currencies.
What does this mean?
Following the deal Ebury can look to expand its services across LatAm and Asia. The deal was first announced in November 2019, since which time Santander has also released its own FinTech which deals with FX – PagoFX, which was touted to rival Transferwise.
