Just weeks after Santander bought a majority stake in the company, Ebury has announced it will boost its Irish workforce.
The alternative financier, which has been operating in Ireland since 2012 and opened its Dublin office earlier this year, will increase staff numbers from 15 to 30 over the next two quarters.
It currently serves between 350 and 400 clients in the country, offering a range of financial services such as trade financing and risk management to SMEs and financial institutions.
Lloyd Hutchinson speaks to GTR about the move to bolster its team in the Emerald Isle: “The global trend of retrenching banks and their inability to service SMEs economically has presented a number of opportunities for fintech businesses. At Ebury, our strategy is to make global transaction banking simple for SMEs.”
He adds: “As we expand our global infrastructure, it’s imperative we continue to maintain close relationships with our growing client base. So, making the decision to open the office in Ireland was a simple one.”
After Santander bought out a majority stake in the company for £350mn earlier this month, GTR reported that £70mn would go towards expanding operations outside of Europe.
Ebury’s chief commercial officer, Paolo Giabardo, told GTR that the new partnership would give the firm access to markets in Latin America, and to new global transaction banking products that it couldn’t offer its clients before.
Hutchinson says that the new partnership is significant for its Irish business too, and will help its SME customers, who tend to trade with Europe, the US and China, grow across borders.
“The new strategic investment will ensure Ebury is able to develop its working capital and cash management solution. [It will ensure] Irish businesses have a partner who can help fund their imports and export requirements, alongside bespoke currency risk management.” He adds: “Ebury wants to ensure the SME segment in Ireland is able to grow across borders.”
This focus on SMEs was one of the main reasons Santander invested in Ebury, with Banco Santander’s Group Chairman Ana Botín saying: “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.”
Prior to the deal Ebury employed 900 employees in 19 countries, and in each of the last three years its revenue has grown by 40%.
Co-founder and co-CEO Juan Lobato previously told GTR that its success is due to it filling the funding gap left by the traditional banking system and its ability to provide solutions tailored to clients’ needs.