Payments company Ebanx plans to double its business operations in Mexico for the second year in a row as it embarks 10 new retailers and launches its first office in the country with an expanded roster of employees.
Ebanx co-founder and CEO Joao del Valle told Reuters on Monday (January 11) that the company is stepping up its efforts in the Mexican market, which is Latin America’s second-largest economy behind Brazil.
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Founded in 2012 and based in Curitiba, Parana, Brazil, Ebanx is an integrated financial services company specializing in cross-border money transfers.
The company offers an end-to-end payment solution across the entire flow of e-commerce transactions and expects transactions in Mexico to grow by 105%, according to projections shared with Reuters. Mexican transactions jumped 115% last year.
The company was launched in Mexico in 2015 and sees the country as its second-largest market, with a competitive retail landscape, said Del Valle. In Brazil, there are around five main markets that dictate the retail environment.
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“Mexico is much more diverse,” said del Valle. “We probably have 10 marketplaces that represent 80% of the market, so it’s a lot healthier and a lot more room for competition and to provide different services. “
Ebanx works with merchants in Mexico, including Chinese fast-fashion retailer SHEIN, Shopee from Singapore, and US e-commerce platform Wish. Del Valle told Reuters the company is looking to expand its services so that international companies can enter the Mexican market.
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There were rumors that Ebanx could be on the verge of an initial public offering (IPO) this month, as the company has already started preparations.
“One thing we’ve learned is that you can’t wait until it’s time to get ready,” said del Valle. “So we have the whole audited company, the accounting, everything in shape, all the governance. When we think it’s the right time, whether it’s due to external or internal effects or any decision, we’re going to be ready, so it can happen this year or next year.