UK fintech Ebury acquires Prime Financial Markets to make African debut
UK-based fintech Ebury has acquired financial services firm Prime Financial Markets for an undisclosed sum as it looks to establish its presence in Africa.
Ebury acquires Prime Financial Markets
Operating out of Johannesburg, South Africa, Prime Financial Markets offers intermediary services, including treasury evaluation and hedge execution, for companies in the treasury and financial market space. It also offers financial advice and risk mitigation services, notably in the realms of liquidity and covenant management, treasury policy and risk integration.
With its new acquisition, Ebury will look to integrate Prime Financial Markets’ suite of services to complement its current offerings for international SMEs.
The London-based fintech specialises in international payments and collections, foreign exchange and cash management services, as well as trade finance and foreign exchange risk management.
The deal will also enable the fintech to make its debut in Africa, with the opening of a local office in South Africa.
Describing Prime Financial Markets as “a natural fit with our global capabilities”, Juan Lobato, Ebury’s co-founder and co-CEO, says international expansion “is key to our strategy”.
Ebury made a very similar move in May 2022, when it acquired both businesses of the fintech Bexs to secure an entry into the lucrative Brazilian market. The company currently operates in 23 countries worldwide.
