Ebury has acquired Frontierpay, an international payroll payments provider with offices in the UK and Singapore.
The acquisition forms part of Ebury’s broader strategy to invest in technologies that will help accelerate the automation of international payment processes, specifically targeting those within finance and treasury functions of mid-market corporates.
In addition to payments, Ebury is investing in technologies that improve the global trade process for SMEs including FX and currency hedging, international cash management and trade finance. This year, major banking partnerships with SACE SIMEST and Unicaja Banco were announced, further enhancing the service they can provide to their global client base.
Frontierpay, which was founded in 2009, delivers cost-effective and reliable payroll payments across 180 countries. The payroll business will enhance Ebury’s global trade and transaction banking platform, and accelerate its growth.
With an office in Singapore, the acquisition also extends Ebury’s geographic footprint in the Asia-Pacific region alongside its new Australian office.
The acquisition follows a period of geographic expansion for Ebury, which currently has 25 offices globally in 20 countries.
“I am delighted to announce Ebury’s first acquisition. This transaction comes during a period of change for our business, as we partner with more financial institutions and invest heavily in the technologies that will change the way SMEs trade and make payments internationally,” Ebury co-founder and CEO Juan Lobato said.
“We know Frontierpay well so are confident of the product, client and geographic benefits and, most importantly, the cultural fit. The addition of Frontierpay’s founders to our team will complement our entrepreneurial spirit and add valued experience to our team.
“The continued addition of products to Ebury’s core platform demonstrates that as the platform matures, revenue opportunities develop through new service lines as well as geographic expansion. The development of an acquisition strategy will accelerate our growth, as we can reach more clients with more services than ever before. We look forward to another exciting period ahead.”
Owain Walters, CEO of Frontierpay, said: “This is a significant milestone for our business and we are delighted to be joining a like-minded minded company with a strong cultural alignment. Access to Ebury’s platform and services will allow our already-strong growth rate to accelerate and give our existing clients the benefit of its unique cross-border transaction services, wider geographical coverage and a large dedicated technology team to drive our product development.”