Ebury, the global financial technology company, reported that transactions increased around a third (32%) to £25.5bn in the year to 30 April 2023.
The company, which provides cross-border payment services and FX risk management to nearly 20,000 businesses and other institutions, saw revenue increase 85% to £204m in its latest results.
The financial performance drove EBITDA growth of 173% to £16 million from negative £22 million in 2022, reflecting a positive change of £38 million. The main reason for this positive shift is the operational leverage in the cost base, coupled with substantial revenue growth.
During the last year Ebury has announced the launch of a new global operations hub in Malaga alongside new offices in Prague, Dublin, Stockholm, Santiago de Chile, Montreal, Shenzhen and Leon as it continues its international expansion. It has also completed the acquisition of Banco de Cambio S/A, and Bexs Tecnologia da Informação Ltda in Brazil, to provide cross-border payments solutions, including FX in Brazil.
Founded in London in 2009, Santander is now Ebury’s biggest shareholder with 54% of the Company’s total shares issued. An eventual IPO of the business is expected to see the company raise capital for growth while existing shareholders remain invested.
Juan Lobato, Founder and CEO of Ebury, commented: “I am eternally grateful to those who have helped build this business, and I know they share my pride when reflecting on where we have come from as well as sharing my excitement for where we can go next. Rising costs for both businesses and individuals, geopolitical instability, and vulnerabilities in financial institutions gave us all cause for concern, but we are in a stronger position than ever before. We have big ambitions and are exploring an IPO of the business on the back of our strong financial and commercial performance to maximise Ebury’s potential. We have no plans to slow down our amazing growth journey– in fact, we intend to speed things up!”
