Brazilian fintech unicorn Ebanx announces expansion to Africa

Brazilian-fintech-Ebanx

The Brazilian payments unicorn Ebanx has announced it will expand its operations to Africa. Its expansion to South Africa, Kenya, and Nigeria is already underway.

Ebanx is a fintech company that allows global merchants to connect with local consumers in Latin America through a cross-border commerce platform. Via this platform, global companies can connect to hundreds of local payment methods. Now, Ebanx wants to bridge the gap between online sales networks and global companies in African countries.

The fintech’s executives identify Africa as the next big growth frontier for digital payments. According to Ebanx’s CEO João Del Valle,

“Africa’s fast-growing digital economy is just beginning and is projected to grow further and consolidate over the coming decades. Alongside global players, Ebanx will be a catalyst for the many benefits of an accelerating digital economy.”

This announcement comes after the company reformulated its strategy and dismissed 20% of its workforce in June as a response to the economic crisis affecting the tech sector. Ebanx will now focus on its core business: international payments.

Read more on Fintech Nexus.

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