Ebury announces $83m funding in a round led by Vitruvian Partners and existing investor 83North - press release

Claire Hogarth18/Nov/2015In The News

Total invested now exceeds $110m, with Ebury one of few European Fintech companies to have raised over $100m

  • Today, Ebury is helping over 10,000 mid-sized businesses across Europe (including 5,000 in the UK) to trade internationally by providing them with financial capabilities that are usually reserved for large corporates
  • The capital raised will fuel the company’s further expansion across Europe and into the US early next year


18 November 2015: Ebury – the international business finance specialist – today announces that it has raised $83m (£54m) in equity capital, one of the largest single “Fintech” investments anywhere in Europe this year.

Vitruvian Partners (“Vitruvian”), whose funds are invested in a number of Europe’s most successful tech businesses, led the latest round, with existing investor 83North (formerly Greylock IL) also contributing significantly. Today’s announcement brings the total invested in the company to date to over $110m.

Ebury now joins the ranks of only a handful of European Fintech companies ever to have secured investment totalling over $100m. The investment reflects the firm’s success as one of the fastest growing businesses in the Fintech sector. In the year to April 2015, Ebury’s customer base doubled and it is now enabling over 10,000 mid-sized businesses to trade more competitively in over 180 countries around the world. The firm is on track to match or exceed the same level of growth once again this year.

Ebury is helping to revolutionise the way these businesses manage their cash flows, collect money from overseas customers, move cash to and from international subsidiaries, manage their currency exposure and distribute funds globally. This market has been underserved by the traditional financial services sector, which is geared towards larger corporates and is unable to meet the speed and flexibility growing companies need.

The funding will be used to further fuel Ebury’s expansion across Europe, as well as its launch in the US, which is anticipated in the first half of 2016.

Salvador Garcia, CEO and Co-Founder of Ebury, said:

“As the world becomes smaller, international trade has become a critical growth factor for almost every business. However, the traditional financial system has failed to keep pace with the needs of mid-sized businesses, offering prohibitive rates and services that are too slow and cumbersome for organisations that must move quickly to take advantage of new opportunities.

“By providing these previously underserved businesses with financial services that are normally reserved for large companies, Ebury is enabling them to fulfil their international potential and to perform like major corporates on the world stage.

“This means that today’s investment will not only help fuel our global growth, but that of thousands of mid-sized businesses around the world.”

Commenting on the deal, Stephen Byrne, Partner at Vitruvian, said:

“Ebury is disrupting the traditional banking market, supporting international businesses with financial services historically out of reach for all but the largest companies, all at low cost and high service levels.  

“The company’s state-of-the-art technology platform and payments infrastructure are unique in the market, and have resulted in extremely rapid growth to date. Vitruvian are excited to partner with the team as they continue to strengthen their market leadership and drive further exciting growth opportunities.”

– ENDS –

Notes to Editors

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About Ebury

Helping businesses of all sizes grow beyond their borders

Ebury specialises in providing international businesses with personalised financial services. For mid-sized companies, Ebury fills the gap left by traditional financial systems, which primarily serve large corporates.

With Ebury, businesses can transact in over 140 currencies, backed by up to 150 days’ credit if required. This has revolutionised the way businesses collect money from overseas customers, move cash to and from international subsidiaries, manage their currency exposure and distribute funds globally.

Ebury launched in London in 2009 and has since opened offices in Madrid, Malaga, Amsterdam and Warsaw, from where it serves over 10,000 businesses. The finance specialist has experienced rapid growth since it started and now employs over 300 people.

Regulated by the Financial Conduct Authority, licensed by HM Revenue and Customs, and backed by the most respected investors in new technologies, including the global venture capital firm 83North and Vitruvian.

Ebury is a FinTechCity FinTech50 2015 business, credited with transforming the future of finance.

For more information, please visit: www.ebury.com

About Vitruvian

Vitruvian Partners (“Vitruvian”) is an independent private equity firm which specialises in middle market buyouts, growth buyouts and growth capital investments. Vitruvian focuses on investing in ‘dynamic situations’ in industries characterised by growth and change, such as technology/internet, media, telecoms, financial services, healthcare, business services, and consumer services.

In December 2013, Vitruvian announced that it had closed the fundraising of its second fund, Vitruvian Investment Partnership II (“VIP II”), at its self-imposed cap of £1 billion ($1.6 billion; €1.2billion). Vitruvian has offices in London, Munich and Stockholm.

Vitruvian has invested in a number of Europe’s most valuable tech businesses. In 2012, Vitruvian led the $64 million funding round in Just Eat, now listed on the LSE while in 2014 Vitruvian also led the $66 million Series D funding round in Farfetch, which was valued at $1 billion in its subsequent Series E funding round earlier this year. Vitruvian has deep expertise with innovative financial technology businesses, leading a management buyout of Callcredit and supporting management to build out a significant player in the UK credit checking market.

For more information please see: www.vitruvianpartners.com

Vitruvian was advised by King & Wood Mallesons, Oliver Wyman, PwC and DC Advisory.

About 83North

83North, formerly Greylock IL, is a global venture capital firm with more than $550 million under management. The fund invests in exceptional European and Israeli entrepreneurs, across all stages of consumer and enterprise companies. With offices in London and Tel-Aviv, 83North is the sum of the latitudes of these two main hubs of operation.

83North started as Greylock IL, and remains deeply rooted in the main US tech hubs, with over half of its portfolio companies having operations in the US.

For more information visit www.83north.com and follow us on Twitter @83NorthVC.


Written by Claire Hogarth

Marketing Executive at Ebury. English Literature graduate from the University of York and a motivated professional.