Brazilian fintech, EBANX, is set to expand its operations to Africa as it seeks to expand its business outside Latin America.
EBANX has been providing digital financial solutions in Brazil since 2012 with an estimated one billion transactions completed in 15 countries over this period. It has been distinguished for facilitating payments to global tech companies such as Spotify and Uber.
In its first investment in Africa, EBANX payment solutions will be available in Kenya, Nigeria and South Africa competing for a piece of the pie with the likes of Flutteewave, MES Africa and Opay.
According to João Del Valle, CEO and co-founder of EBANX, the opportunities that fintechs are finding in Africa today are similar to what those in Latin America when the company was launched.
Del Valle noted that the industry is “only in its early days, and it’s projected to grow up and to the right for the next few decades.”
The Brazilian company is valued at more than $1 billion.
“In regard to our expansion plan, Africa became our new priority. It is an enormous continent, with millions of people becoming consumers,” Paula Bellizia, a global payments executive with EBANX said.
Coming into Africa, the company hopes to make use of various models that have hastened its growth in Latin America. It will initially focus on mobile money and collaborating with e-commerce platforms as a payment facilitator.
“In Latin America, digital commerce ended up accelerating digital payment. In Africa, digital payments will leverage digital commerce,” Bellizia added.
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