July 29, 2020 / 3:17 PM / 6 days ago

Brazilian fintech Ebanx expands to Uruguay

SAO PAULO, July 29 (Reuters) - Payments startup Ebanx, one of Brazil’s latest fintechs to achieve “unicorn” status, has expanded its operations to Uruguay, it said on Wednesday.

Founded in 2012, Ebanx focuses mainly on processing local payments from clients of global websites like Alibaba Group Holdings’ AliExpress retail service, homesharing site Airbnb and music-streaming service Spotify Technology.

Ebanx’s latest move expands its operations to nine countries in Latin America - Mexico, Colombia, Argentina, Chile, Peru, Bolivia, Ecuador and Uruguay, besides its home country, Brazil.

The company said in a statement that it will process domestic debit and credit card payments in Uruguay.

João Del Valle, co-founder and chief operations officer of Ebanx, said the company was attracted by Uruguay’s mature digital commerce market and high financial inclusion. (Reporting by Carolina Mandl; Editing by Dan Grebler)

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