Ebury Bank
“Can Santander's Ebury become the default global multi-currency business account and cross-border payments platform for SMEs — and IPO on the LSE as an independent fintech?”
Founded2009
HQLondon, United Kingdom
FoundersJuan Lobato, Salvador García
Total raised£350M+ (Santander investment)
Latest roundPE Growth / Santander majority stake
Valuationup to £2B (2024 IPO speculation)
IndustryFintech / Cross-border payments
The story
Founded 2009 as an SME-focused FX and cross-border payments provider in London. Sold majority to Santander in 2019, becoming the core of Santander's PagoNxt platform while operating independently. Expanded aggressively into LatAm through the 2023 Bexs acquisition (which brought a Brazilian FX banking licence, hence the 'Ebury Bank' brand there), and is now positioning as a full multi-currency business account, lending, and embedded-finance platform ahead of a potential 2025 LSE listing.
Product timeline
2009
Founded in London by Juan Lobato and Salvador García to provide FX and international payments for SMEs.· banking
2019
Santander acquired a 50.1% majority stake for £350M, later raised to 54%.· acquisition
2023
Acquired Brazilian fintech Bexs (Bexs Banco FX + Bexs Pay), receiving regulatory approval in October; operates as Ebury Bank in Brazil.· acquisition
2024
Appointed Goldman Sachs for potential 2025 LSE IPO at up to £2B valuation.· ipo
2024
Expanded Nium partnership to deliver global remittance service into Brazil.· banking
Acquisitions
Regulated entities
3
regulatory licences held by Ebury Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
Ebury Bank was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
5 layers disclosed in Ebury Bank’s embedded-finance stack
Payments / PSP
Ebury Payments (self-operated)Nium
Banking / BaaS
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: minor
10 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.