Vitruvian leads funding round in Ebury
Ebury – the international business finance specialist – announced that it has raised $83m (£54m) in equity capital, one of the largest single “Fintech” investments anywhere in Europe this year.
Vitruvian Partners (“Vitruvian”), whose funds are invested in a number of Europe’s most successful tech businesses, led the latest round, with existing investor 83North (formerly Greylock IL) also contributing significantly. This announcement brings the total invested in the company to date to over $110m.
Richard Hall, CloudOrigin CEO and Founder, led the Technology and Operational Due Diligence for Vitruvian commented:
“Ebury is a rising star of the vibrant European FinTech with particularly strong commercial and technical leadership, and it was our pleasure to advise Vitruvian on yet another successful TMT deal”.
Ebury now joins the ranks of only a handful of European Fintech companies ever to have secured investment totalling over $100m. The investment reflects the firm’s success as one of the fastest growing businesses in the Fintech sector. In the year to April 2015, Ebury’s customer base doubled and it is now enabling over 10,000 mid-sized businesses to trade more competitively in over 180 countries around the world. The firm is on track to match or exceed the same level of growth once again this year.
Ebury is helping to revolutionise the way these businesses manage their cash flows, collect money from overseas customers, move cash to and from international subsidiaries, manage their currency exposure and distribute funds globally. This market has been underserved by the traditional financial services sector, which is geared towards larger corporates and is unable to meet the speed and flexibility growing companies need.
The funding will be used to further fuel Ebury’s expansion across Europe, as well as its launch in the US, which is anticipated in the first half of 2016.
Salvador Garcia, CEO and Co-Founder of Ebury, said:
“As the world becomes smaller, international trade has become a critical growth factor for almost every business. However, the traditional financial system has failed to keep pace with the needs of mid-sized businesses, offering prohibitive rates and services that are too slow and cumbersome for organisations that must move quickly to take advantage of new opportunities.”
“By providing these previously underserved businesses with financial services that are normally reserved for large companies, Ebury is enabling them to fulfil their international potential and to perform like major corporates on the world stage.”
“This means that today’s investment will not only help fuel our global growth, but that of thousands of mid-sized businesses around the world.”
Commenting on the deal, Stephen Byrne, Partner at Vitruvian, said:
“Ebury is disrupting the traditional banking market, supporting international businesses with financial services historically out of reach for all but the largest companies, all at low cost and high service levels.”
“The company’s state-of-the-art technology platform and payments infrastructure are unique in the market, and have resulted in extremely rapid growth to date. Vitruvian is excited to partner with the team as they continue to strengthen their market leadership and drive further exciting growth opportunities.”
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