Ebanx, the newly minted Brazilian financial services unicorn, expects to process $2 billion in payments by the end of the year and is looking to expand its offerings into domestic payments as it grows.
Since its launch in 2012, Ebanx has primarily focused on helping international merchants sell locally in Brazil. The Brazilian business accounts for nearly 90% of the company’s revenue, but as it expands into other markets the company is also broadening its suite of services.
The company moved into local payment processing in Brazil in April of this year, and recently closed on a new financing round from previous investors FTV and Endeavor Catalyst that values the company north of $1 billion, according to chief executive Alphonse Voigt.
The money will be used to continue an aggressive hiring push in new markets and the launch of the company’s local payment services in other geographies, beginning with Colombia in the new year.
As credit cards penetrate the Latin American market, approval rates for local companies are increasing, which represents an attractive new source of revenue, Voigt says.
In addition to the local payment processing, Ebanx recently announced that it became a payment partner for the Uber Pay ecosystem in Latin America and would start processing cash voucher and bank transfer payments for Uber in Brazil and across Latin America. The company also inked deals with Coursera, Scribd, Trip.com and Shopify throughout Latin America. Finally, the company partnered with Visa* on an initiative to increase electronic payments in the Brazilian state of Parana.
*This story has been updated to reflect that Ebanx is partnering with Visa in Parana.