Ebury raises $83m from Vitruvian et al.

Ebury's enterprise value was not disclosed but Vitruvian, which led the round, typically invests a minimum of €30m in companies valued in the €50-500m bracket.

Along with two previous investments in the company, the current round pushes the capital raised by Ebury since inception beyond the $110m mark. The fintech business claims to have doubled its customer base in the 12 months to April 2015 and grown to service 10,000 SMEs worldwide.

Having expanded from its London base to Spain, the Netherlands and Poland, the company intends to set up offices in additional European markets. In addition, there are plans to enter the US market during H1 2016.

The round is the third largest growth deal the European financial sector has seen so far this year, according to unquote" data. As of mid-November, the ranking is co-led by $100m investments in two British businesses: money transfer service WorldRemit, whose series-B was supported by TCV in February, and postgraduate student lending platform Prodigy Finance, which was backed by Balderton Capital and Credit Suisse in August.

Previous funding
In September 2013, Ebury secured £3.5m from VCs Angel Co-Fund and Envestors. A second round took place in June 2014, when 83North, then known as Greylock Partners, injected £18m in equity and debt into the fintech, according to unquote" data.

Company
Founded in 2009, Ebury provides foreign exchange and currency management services to SMEs seeking to operate abroad. The business claims to oversee 6,000 transactions a month for 10,000 customers from 20 countries worldwide. Headquartered in London, the company operates additional offices in Madrid, Málaga, Amsterdam and Warsaw. It employs more than 300 people.

People
Vitruvian was represented by partner Stephen Byrne. Salvador Garcia co-founded Ebury and is currently CEO of the company.

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• UK / Ireland
• Expansion
• Financials
• United Kingdom
• Vitruvian Partners