UK-based fintech Ebury has made a strategic move into Africa with the acquisition of financial services firm Prime Financial Markets. The deal, conducted for an undisclosed amount, enables Ebury to establish its presence in Africa and expand its services for international SMEs.
Prime Financial Markets, headquartered in Johannesburg, South Africa, specialises in intermediary services, offering treasury evaluation, hedge execution, financial advice, and risk mitigation services to companies in the treasury and financial market space. Ebury, known for its expertise in international payments, collections, foreign exchange, and cash management services, sees the acquisition as a means to enhance its offerings with Prime Financial Markets’ suite of services.
The move follows Ebury’s similar strategy in May 2022 when it acquired both businesses of Brazilian fintech Bexs, marking its entry into the lucrative Brazilian market. The expansion into Africa includes the opening of a local office in South Africa.
Juan Lobato, Co-founder and Co-CEO of Ebury, emphasised the significance of international expansion in their strategy, stating that Prime Financial Markets is a natural fit with Ebury’s global capabilities.
Ebury operates in 23 countries worldwide, and this acquisition aligns with its goal of providing comprehensive financial services to businesses globally.