Santander Acquires 50.1% Stake in Fintech Ebury for $450M

In early November 2019, Santander announced the acquisition of a 50.1% controlling stake in Ebury, a London-based fintech specializing in international payments and FX trading for small and medium-sized enterprises, for approximately $450 million. Ebury's platform enables SMEs to manage cross-border transactions, trade finance, and currency risk — capabilities Santander sought to integrate into its global banking infrastructure. The deal represents one of the largest bank-fintech partnerships of 2019, reflecting major banks' growing strategy of acquiring fintech firms rather than building capabilities in-house.

Santander planned to leverage Ebury's technology to enhance its SME product offerings across multiple geographies. The acquisition valued Ebury at roughly $900 million. Ebury's existing management team was expected to continue leading the company, preserving its startup culture while benefiting from Santander's global distribution network.

The transaction underscores the convergence of traditional banking and embedded finance, as banks seek fintech partnerships to modernize trade and payments services.