Fintech
Santander-backed fintech Ebury sides with Goldman in multi-billion-dollar takeover bid in London
Sunday, July 21, 2024 11:33
Share
Ebury’s listing would be a much-needed boost for the London Stock Exchange.
In a rare victory for London’s capital markets, the platform for cross-border payments Ebury has reportedly appointed Goldman Sachs to lead its IPO in London.
According to the FTThe Santander-backed payments platform has begun lining up investment banks for a potential IPO, which could take place as early as the first quarter of 2025.
The fintech company is part of Santander’s payments platform Pagonxt. The Spanish banking group has struck a £350m deal for a 50.1 percent majority stake in the company in November 2019It later increased its stake to 54 percent.
Founded in 2009, Ebury specialises in managing international payments and collections for businesses, and offers foreign exchange, trade finance and cash management services.
Ebury’s listing will be seen as a test of London’s ability to attract fintech firms, after regulators overhauled listing rules earlier this month.
The last major payments company to list in the UK was CAB Payments last year. It is currently trading at 64 percent below its initial share price after a series of scandals.
Other London-based fintechs that have signaled plans to list in the coming years include Zopa, Revolut, Starling and Zilch, although some, like Klarna, offer a ‘buy now, pay later’ model. they looked instead to New York.
Documents filed with Companies House show that Ebury posted revenues of £204m in the 12 months to April 30, 2023, on a transaction volume of £26bn.
Ebury founder and CEO Juan Lobato said at the company’s latest earnings call in November that the firm was considering a stock market listing as part of its “big ambitions.”
The group has also stepped up its acquisition activity over the past two years. It acquired Brazil’s Bexs in May 2022 as well as Trans Skill Investments in the Middle East and Prime Financial Markets in Africa late last year.
to know more
London-based finance firm Ebury faces FCA regulatory probe
Content with similar tags:
Sections
Categories
People and organizations
Related topics