Ebanx acquires Brazillian remittance player Remessa Online

Latin American commerce platform Ebanx has acquired Brazillian remittance house Remessa Online for $229 million.

Founded in 2016, Remessa Online currently has 320 employees and serves more than 350,000 companies and consumers from 100 countries, processing more than $5.2 billion in remittance inflow and outflow since inception. In 2020, the company expanded its geographic footprint to Argentina and Chile, adding to its international operations in Australia, Canada, Europe, the UK and the US.

The deal follows October’s acquisition of B2B fintech Juno and a $430 million raise in June and is in line with Ebanx’s expansion across Latin America, where last year it processed over $3.5 billion in volume and 150 million transactions.

João Del Valle, co-founder and CEO, Ebanx, says: “We are joining forces to better serve merchants and consumers, consolidating our expertise and depth in the region. The digital and financial inclusion we are seeing right now in Latin America will not drop off. It will keep pushing forward and play a leading role in the acceleration of digital markets and the payments ecosystem in the region.”

Figures from, the World bank show Latin American remittance markets surging ahead of regions like Europe and Central Asia, growing by 21.6% in 2021. Remittance flows to low- and middle-income countries are forecasted to reach $589 billion by the end of this year, a 7.3% increase over 2020.