(OFFICIAL) UPDATE 1 Advent-backed fintech Ebanx has acquired Remessa Online for $ 229 million

EBANX, a payment processor from South and Central America, is displayed on the exhibition hall floor during the Money 20/20 conference in Las Vegas, Nevada, the United States, October 24, 2017 . REUTERS / Steve Marcus

SAO PAULO, Dec.15 (Reuters) – Brazilian fintech Ebanx, which is backed by US private equity firm Advent International, has acquired international money transfer firm Remessa Online for $ 229 million, according to a released statement. Wednesday.

Ebanx co-founder Joao Del Valle said in the statement that Remessa Online’s money transfer services will complement its payments business, which is primarily focused on processing payments from global website customers, and accelerate growth.

Besides Brazil, Ebanx operates in other Latin American countries, such as Mexico, Colombia and Argentina. It processes payments from over 35,000 businesses.

“We will expand our combined portfolio of solutions to our merchants, with a particular focus on our B2B and B2C foreign exchange services, while allowing Latin Americans access to dream brands from around the world,” said the co-founder. and Ebanx Chief Risk Officer, Wagner Ruiz. .

Earlier, in a Portuguese-language press release, Ebanx announced the transaction value of 1.2 billion reais, which uses a conversion rate from the start of this year.

Remessa Online has served 350,000 businesses and individuals, totaling $ 5.2 billion in remittances since its inception in 2016.

Ebanx’s decision to acquire Remessa Online comes less than six months after Advent paid $ 430 million for a minority stake in the company. Around this time, Del Valle said that Ebanx was planning an IPO by early 2022.

(History officially corrects the dollar deal value to $ 229 million, not $ 212 million)

Reporting by Carolina Mandl, editing by Louise Heavens

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