Ebanx doubles its business in Mexico for two years in a row.

Ebanx, a Brazilian fintech firm is expected to double its business in Mexico for the second time in 2022, stated the company’s co-founder.

FREMONT, CA:According to the co-founder of Brazilian fintech Ebanx, the company expects to double its business in Mexico for the second year in a row in 2022 as it expands further into Latin America's No. 2 economy. Joao del Valle of Ebanx, said in an interview on January 11, that the company is hiring up to ten new retailers, opening its first office in the country, and expanding its team. The company projections which were shared with Reuters, estimated that Ebanx's transactions in Mexico are expected to increase 105 percent this year after increasing 115 percent in 2021.

Ebanx, which is backed by Advent International, a U.S private equity firm, sees Mexico as its second most important market after launching operations there in 2015. Del Valle believes the retail landscape in Mexico is far more diverse and more competitive compared to Brazil, where only about five major marketplaces dominate the retail sector. He added that they probably have ten marketplaces that make up 80 percent of the market, which is much healthier and leaves much more room for competition and providing different services. In Mexico, Ebanx's clients include Chinese fast fashion retailer SHEIN, Singapore's Shopee, and US e-commerce platform Wish.

Del Valle stated that the company's goal is to scale up services for international companies looking to enter the Mexican market. Further, Ebanx announced last month that it had acquired international money transfer firm, Remessa Online, for 229 million dollars. Moreover, in 2020, Advent international paid a sum total of 430 million dollars for a minority stake in Ebanx. Speculation has swirled that Ebanx could go public as soon as it can in January, 2021 but tech stocks have had a rough ride recently, with Nu Holdings Ltd, the largest Latin American fintech IPO in 2020, erasing all of its gains following a blockbuster December IPO. Del Valle stated that an Ebanx IPO could occur in 2021 or the next year, as preparations are already underway.

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