EBANX-Latin America financial tech firm eyes Africa for expansion
NAIROBI, Kenya - Brazilian-based financial tech startup EBANX has announced its expansion into the African continent. They plan to set up its digital payments side of the business in the continent as it o emulates its rapid growth in Latin America.
The announcement was made at EBANX’s annual Latin America Summit in Mexico. The company announced that the automated payment process targets more companies seeking to sell cloud, ERP, and SaaS subscriptions across Latin America and other parts of the world.
EBANX-CEO and Co-founder, João Del Valle. “Africa’s fast-growing digital economy is only in its early days, and it’s projected to grow up and to the right for the next few decades. Together with local players, EBANX will be a catalyst to realize the many benefits of a digital economy even faster.
Expanding our solutions to African countries speaks directly to EBANX’s mission of creating access, and having Pipefy as a merchant makes this moment even more special to us, expanding solutions and services throughout regions full of opportunities.”
World Bank data shows that Africa’s digital economy is estimated to be worth US$115 billion and is mainly driven by the youth population. This might be the catalyst driver for the firm’s expansion and also the tremendous rapid digital transformation.
The 10-year-old unicorn operates in 15 Latin American nations and has processed over US$1 billion in payments.
The firm is credited for steering global companies like Spotify, and Uber to receive payments from customers living in Latin America.
According to Tech Cabal, EBANX already started operations in Kenya, South Africa, and Nigeria in late August and chose these three countries because, together with Egypt, they account for 32 percent of the continent’s population, 51 percent of its GDP, and 73 percent of the startup accelerators active in Africa today.
Pipefy, a low-code platform for workflow management founded in 2015 in Latin America and operating in over 200 countries worldwide, is present in the Africa region with EBANX as its payments partner.
In Kenya, it seeks to offer a mobile banking service that lets users store and transfer money and pay for online shopping through their mobile phones, much like M-Pesa.
In West Africa and in Nigeria particularly they plan to roll out it will USSD and bank transfer services.