Ebanks – Latin American fintech firm expands into Africa
Nairobi, Kenya – Brazil-based financial technology startup EbankX has announced its expansion into the African continent. They plan to develop the digital payments side of the business, mimicking the continent’s rapid growth in Latin America.
This was announced at the annual Latin American conference held by Ebanks in Mexico. The company also announced that it is targeting more companies in Latin America and other parts of the world looking to sell cloud, ERP and SaaS subscriptions for automated payment processing.
Ebanks CEO and Founder Joao Del Valle. “Africa’s fastest-growing digital economy is only in its early days, and is expected to grow exponentially over the next few decades. Together with local players, EBANX will be a catalyst to quickly realize the many benefits of the digital economy.
Expanding our solutions to African countries speaks directly to EBANX’s mission to create access, and having Pipefi as a merchant makes this time even more special for us, expanding solutions and services full of opportunities in all regions.
According to World Bank data, Africa’s digital economy is estimated at $115 billion and is primarily driven by the youth population. This can be an exciting driver for an organization’s expansion as well as an incredibly rapid digital transformation.
The 10-year-old unicorn operates in 15 Latin American countries and has paid more than $1 billion.
The firm is credited with leading global companies such as Spotify and Uber to accept payments from customers in Latin America.
According to Tech Cabal, EBANX has already launched operations in Kenya, South Africa and Nigeria at the end of August and chose these three countries, which together with Egypt account for 32% of the continent’s population, 51% and 73% of GDP. Startup accelerators operating in Africa today.
Founded in 2015 in Latin America and operating in more than 200 countries, Pipefi is a low-code workflow, and is available as EBANX payment partner in the African region.
In Kenya, it wants to provide a mobile banking service like M-Pesa that allows users to store and transfer money and pay for online transactions through their mobile phones.
They plan to roll out USSD and bank transfer services in West Africa and Nigeria in particular.
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