Santander Pushes for £350 Million Stake in Major Fintech
Banco Santander has been reported to have bid for a majority stake (50,1%) in top UK fintech, Ebury.
Ebury provides corporate banking services to small businesses that trade worldwide. Operating in 119 countries, in 140 different currencies, it has processed over £16.7 billion in payments since its inception and helped over 43,000 clients trade internationally.
News has broken that Santander is buying its 50.1% stake in the fintech for £350 million, of which £70 million will help Ebury merge into new markets in Latina America and Asia.
This is a bold but expected move form Santander, as it manages accounts for more than four million SME customers around the globe, 200,000 of which operate on an international scale. The partnership between Santander and Ebury will also allow the fintech to make the most of the bank’s relationships, assets and brand to build new banking partnerships.
Ana Botín, group executive chairman of Banco Santander, said: “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 up to 40% of national GDP in emerging economies. By partnering with Ebury, Santander will deliver faster and more efficient products and services for SMEs, previously only accessible to larger corporates.”