- Advent supports strategic partnership between two portfolio companies.
- The partnership aims to streamline cross-border transactions in India, giving global merchants access to 350 million Indian consumers.
- The collaboration accelerates EBANX’s global expansion plans.
EBANX, an Advent-backed global payment processor based in Brazil, has partnered with banking services provider YES BANK, another Advent portfolio company, to expand into India. The partnership accelerates the global expansion of EBANX with its first market in Asia. Advent invested in EBANX in June 2021 and has been a minority investor in YES BANK since December 2022.Â
The partnership aims to make it easier for international merchants to access India’s 350 million consumers, the second largest online shopping market in the world. We believe the companies will provide an efficient cross-border offering designed to meet the nuances of the Indian market while adhering to regulatory requirements. Indian consumers will be able to complete purchases using their local currency and preferred payment methods such as cards issued across all locally available networks, and Unified Payments Interface (UPI).
International expansion
EBANX partners with more than 300 enterprise brands worldwide, providing a payments platform that connects these global merchants with local consumers in Latin America, Africa, and Asia. EBANX allows global companies to connect to hundreds of local payment methods through a single platform, from cards to instant payments to e-wallets.
With Advent’s support EBANX expanded its operations beyond Latin America. EBANX entered Africa in September 2022 and has now entered the Asian market.
YES BANK offers an array of banking services and products for businesses and individuals. Advent has been investing in India since 2007 and founded a Mumbai office in 2009. The YES BANK deal marked the largest private equity investment in the Indian banking sector at the time and Advent’s first investment in a banking entity in the country. Advent’s investment empowered YES BANK to bolster its capital adequacy and provided growth capital for the core business of the bank.
Advent’s history in the payments space
Advent has a rich background in the payments sector. Over 15 years, we have invested over $6.6 billion in 17 payments and fintech companies globally. Recent investments in the sector include Mangopay (a leading payments solution provider for marketplaces and platforms), Medius (a leading provider of cloud-based accounts payable automation), Thredd (the leading global payment technology platform), myPOS (a leading provider of payment solutions), and Planet (a global provider of integrated digital payment services).
EBANX
EBANX is a global company with deep local expertise in rising markets. It was founded in 2012 and is headquartered in Curitiba, Brazil, with teams in nine countries. Its operations span across 29 markets and clients include the largest companies in industries like SaaS, streaming, creator’s economy, online games, e-commerce, and B2B trade.
EBANX connects customers and global merchants by processing cross-border transactions through its proprietary payments technology. This allows digital economy players to meet greater demand in Latin America, Africa, and Asia.
Alongside Advent, EBANX is also backed by FTV Capital. FTV Capital invested in EBANX in December 2017, with the participation of Endeavor Catalyst Fund.
YES BANK
YES BANK is a private sector bank founded in 2004 and headquartered in Mumbai, India. It provides the full gamut of commercial services in banking, while also offering digital and technological solutions through its pan-Indian network of 1,198 branches. It serves more than 300 districts in India.
It also operates investment banking, merchant banking, and brokerage businesses through YES Securities.
The bank’s shares are listed on the National Stock Exchange and Bombay Stock Exchange.
