Brazilian FinTech Ebanx is considering acquisitions in Latin America as it prepares for a possible initial public offering (IPO), Bloomberg reported.
As part of its expansion, Ebanx would create a new platform called Ebanx One that would integrate cross-border payments and local transactions, according to Bloomberg.
“We haven’t set a date yet, but we take this IPO readiness project very seriously, and Ebanx One is at the heart of our business value,” Ebanx Co-Founder and CEO Joao del valle Bloomberg said.
Ebanx plans to work in 15 Latin American countries by the end of June, Bloomberg reported. Brazil, Mexico and Colombia and the largest operations.
âOur goal is to be seen as a gateway to the LatAm markets for large companies,â Del Valle told Bloomberg.
Del Valle said the company will likely consider a new funding round in 2021, Bloomberg reported. The company’s latest funding round in 2019 valued it at over $ 1 billion.
In March, PYMNTS reported that Ebanx planned to expand its operations in Central America, starting in Costa Rica. At the time, the company also planned to launch into other countries like El Salvador, Panama, Guatemala and the Dominican Republic in the first half of this year.
CEO of Ebanx AndrÃ© Boaventura said at the time that the company was keen to expand into Central America because the region is a fast-growing place for online shopping and digital payments.
Boaventura added that with Ebanx in the region, companies can develop âtheir addressable market, but will also have a positive impact by expanding this population’s access to digital products and servicesâ.
Ebanx was founded in 2012. Three years later, the company began to expand beyond Brazil to introduce its payment tools in Mexico and Peru. The company then expanded to Colombia, Chile, Argentina, Ecuador, Bolivia and Uruguay.