Ebury has acquired international payroll payments provider Frontierpay as the London-based fintech seeks to expand internationally.
Ebury, one of Europe’s largest fintech firms, offers foreign exchange services and trade finance to small and medium sized businesses designed to make it easier for businesses to trade internationally.
The company said the purchase – its first acquisition since it was founded in 2010 – would boost its global trade and transaction platform and accelerate its international growth.
Frontierpay delivers payroll payments across 180 countries. The company has offices in London and Singapore, extending Ebury’s presence in the Asia-Pacific region. Ebury currently employs around 1,000 staff across 25 offices in 20 countries.
“We know Frontierpay well so are confident of the product, client and geographic benefits and, most importantly, the cultural fit. The addition of Frontierpay’s founders to our team will complement our entrepreneurial spirit and add valued experience to our team,” said Ebury co-founder and chief executive Juan Lobato.
“This transaction comes during a period of change for our business, as we partner with more
financial institutions and invest heavily in the technologies that will change the way SMEs trade and make payments internationally,” he added.
Frontierpay chief executive Owain Walters said the purchase marked “a significant milestone” for the firm, adding: “we are delighted to be joining a like-minded minded company with a strong cultural alignment”.
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