Brazil-based payments firm Ebanx claims unicorn status with FTV Capital funding
Ebanx, a Brazil-based payments firm, has raised an additional follow-on investment from U.S.-based FTV Capital, helping to make it the latest Latin American fintech to achieve unicorn status with a valuation surpassing $1 billion, according to a company release.
The company did not disclose the amount of the investment.
"Becoming a unicorn reflects the unique solutions we have created to meet the demands of some of the world's most recognized brands since we founded Ebanx in 2012," Alphonse Voight, CEO of Ebanx, said in the release. "From the start, our focus has been on connecting people in Latin America to global companies providing access and a seamless ability to transact."
The firm also recently launched partnerships with Uber Pay, Shopify, Spotify and Visa.
Ebanx originally raised $30 million from FTV, with participation from Endeavor Catalyst, in December 2017, its first investment. That funding was used to expand Ebanx operations within Latin America.
Robert Anderson, a partner at FTV Capital, said Ebanx has outperformed expectations, almost doubling processing volume in two years to reach more than $2 billion.
"The Latin American e-commerce market is projected to double by 2023, making solutions that reduce friction help merchants sell more highly attractive to business looking to capitalize on this large, unpenetrated market opportunity," he said in the release.