Ebury, a prominent global FinTech firm based in London, recently announced its acquisition of Prime Financial Markets, a South Africa-based financial services provider specialising in treasury and financial market advisory and intermediary services.
The acquisition, marking Ebury’s first foray into the African market, aligns with its global expansion strategy. Although the financial details of the deal weren’t disclosed, this move is significant for Ebury, following its impressive growth in 2023, fueled by the rising demand for alternative banking services.
Ebury, an FX and payments specialist, offers diverse financial solutions aimed at aiding SMEs and midcaps in international trade. Its services span international payments and collections, foreign exchange in over 130 currencies, cash management strategy, trade finance, and foreign exchange risk management. Ebury’s international growth is noteworthy, with a strong workforce of over 1,700 employees, operating from 38 offices across 23 countries, handling annual transaction volumes exceeding $27bn.
On the other hand, Prime Financial Markets, now a part of Ebury, brings to the table extensive expertise in financial market advice and intermediary services. Its capabilities include treasury evaluation, hedge execution, systems offering, liquidity and covenant management, as well as treasury policy and risk integration advice.
Ebury Co-Founder and Co-CEO Juan Lobato said, “We’re delighted Prime Financial Markets are joining the Ebury family. Its complimentary suite of services is a natural fit with our global capabilities and the transaction enables us to establish a new geographic presence at the heart of Africa’s financial services market. International expansion is key to our strategy and this acquisition further strengthens both our platform for growth and our ability to provide a market-leading service to clients.”
Gert Delport, Managing Director at Prime Financial Markets, commented: “Ebury’s global scale, innovative technology and bespoke customer service makes them a natural partner for our business. It is a hugely ambitious business and we look forward to achieving those lofty strategic goals together particularly in Africa, our geography of expertise.”
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