LONDON (ShareCast) - (Sharecast News) - Banco Santander has purchased a majority stake in UK financial technology firm Ebury for £350m.
Ebury - which operates in 19 countries and 140 currencies and has generated consistent average annual revenue growth of 40% in the last three years - provides trade and foreign exchange services for small and medium-sized companies. It employs 900 people in 22 offices across 19 countries.

Santander said the investment will strengthen its global trade services offer and further consolidate its position as the bank of choice for SMEs trading or aspiring to trade internationally in its markets across Europe and the Americas.

Under the terms of the deal, Santander will buy 50.1% of Ebury for £350m, of which £70m will be new primary equity to support the business's plans to enter new markets in Latin America and Asia. Santander said it expects a return on invested capital higher than 25% in 2024.

Executive chairman Ana Botin said: "Small and medium-sized businesses are a major engine of growth around the world, creating new jobs and contributing up to 60% of total employment and up to 40% of national GDP in emerging economies.

"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."

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