Santander takes big stake in UK FinTech

Spanish bank Banco Santander is acquiring just over 50 percent of the U.K. payments platform Ebury for £350 million ($453 million), Ebury announced in a press release on Monday (Nov. 4).

The Ebury payments platform gives small and medium-size companies the ability to trade internationally. The acquisition is scheduled to close in the first quarter of next year and is intended to help boost Santander’s global payments business.

“Small and medium-sized businesses are a major engine of growth around the world, creating new jobs and contributing up to 60 percent of total employment and up to 40 percent of national GDP in emerging economies,” said Santander’s Executive Chairman Ana Botín.

“SMEs are becoming increasingly global, and Santander is the best-positioned bank to play a leading role to help them access global trade finance. By partnering with Ebury, Santander will deliver faster and more efficient products and services for SMEs, previously only accessible to larger corporates,” she added.

Ebury operates in 19 countries and will expand in Latin America and Asia with Santander’s investment. The deal is expected to value Ebury at around £700 million.

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Source: Santander Takes Big Stake In UK FinTech | PYMNTS.com