Ebanx, which counts Advent International LP and FTV Capital among backers, will soon begin allowing global merchants to process payments through its platform including India’s booming Unified Payments Interface in one of its biggest bets yet on large emerging markets.
Expanding to India gives the company a presence in a country where 22% of the population of nearly 1.4 billion people currently uses the UPI platform, according to Ebanx. UPI will process about 1 billion transaction a day by the end of the year. The executives declined to comment on which multinational merchants will sign on initially as well as on who will run the India operation and the size of the team that will be based in Mumbai.
In 2021, Advent invested $430 million in the startup for a minority stake, including funds to assist with an initial public offering in the US. A confidential IPO filing later that year was set to value the company at about $10 billion, according to people familiar with the matter. Ebanx postponed the listing last year.Reviving that plan is not a focus for now, said Del Valle, “but it’s definitely a very well considered milestone” in a range of one to three years.
Last year, the payments firm made its foray out of Latin America by expanding into South Africa, Kenya and Nigeria while hiring Wiza Jalakasi as its head for Africa. The firm is expanding into eight additional countries there.