Brazilian payments unicorn Ebanx makes South-east Asia push

[SAO PAULO] Brazilian cross-border payments company Ebanx said it is expanding global operations, with a focus on South-east Asia, strengthening its footprint outside Latin America.

Ebanx, which provides Uber, Shein and other global tech firms with payment methods in emerging markets, announced an immediate expansion to Thailand, Indonesia and Turkey, along with plans to enter Malaysia and Vietnam in the next quarter.

Backed by private equity firms Advent International and FTV Capital, Ebanx has been ramping up operations outside Brazil. In 2025, 65 per cent of the firm’s gross profit came from other countries – versus 32 per cent in 2021- with 20 per cent from non-Latin American markets.

“When a global merchant taps its global payment partner, coverage is a crucial factor,” Ebanx’s chief executive and co-founder Joao Del Valle said in an interview.

The new markets have shown a growth in digital commerce among their shared population of more than half a billion people, the company noted.

“In most of these countries, credit card penetration is very low,” Del Valle said. “So the client, our global merchant, needs help.”

Founded in Curitiba in the early 2010s, Ebanx reached ‘unicorn’ status in 2019 – a label for startups valued at more than US$1 billion. It operates across Latin America, and has expanded since 2022 to Asia and Africa, including India, the Philippines and South Africa.

The company wants to debut in more markets in early 2027, especially in the Middle East and Asia, del Valle said. Ebanx does not disclose its total volume of payments processed.

Chief product officer Eduardo de Abreu will lead Asian operations from a new headquarters opened last month in Singapore, which will serve as a hub to connect with clients, although the firm does not offer payment services there.

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Investments for this year’s expansion will be financed by the firm’s cash on hand, the CEO said.

Ebanx’s last capital increase in 2021 raised US$430 million from Advent. It did not disclose its valuation at the time.

A planned initial public offering (IPO) in New York is likely on a two-year horizon, depending on improved market conditions, he said. REUTERS