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India’s Booming Payments Industry Lures Ebanx With IPO on the Cards

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(Bloomberg) -- Brazilian payments company Ebanx Ltda, which operates in 18 countries in Latin America and Africa, will begin doing business in India by the end of the year as part of its global expansion to developing countries.Most Read from BloombergHow Auto Executives Misread the UAW Ahead of Historic StrikeXi’s Missing Defense Chief Opens Door for US Military TalksEurope Is Better Prepared If Trump Wins Again, Germany’s Baerbock SaysMGM Resorts Hackers Broke In After Tricking IT Service Desk

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. Founded by a trio of Brazilians from legal, finance and technology backgrounds, Ebanx focuses on payments in areas like e-commerce, gaming, streaming, digital ads and online travel booking for companies including Sony Group Corp., Uber Technologies Inc., SheIn Group Ltd. and Shopee Co Ltd.

As headwinds struck the tech industry in the past 18 months, Ebanx did some “belt tightening,” scrapped some projects and cut headcount to 800 from 1,300, Del Valle said. Investments come from its normal working capital and they haven’t tapped new investors or taken on debt, he said.

 

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India’s Booming Payments Industry Lures Ebanx With IPO on the CardsBrazilian payments company Ebanx Ltda, which operates in 16 countries in Latin America and Africa, will begin doing business in India by the end of the year as part of its global expansion to developing countries.
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