European business payments firm Ebury has recently opened an office in New Zealand, aiming to address a gap in banking services for small-to-medium enterprises (SMEs) in the region.
The fintech company will employ up to 20 personnel at its Shortland St. office, and the NZ outpost will be the company’s 40th office.
Ebury focusses on medium-sized businesses, especially those involved in importing and exporting, by providing cross-border payment solutions. Their services include foreign currency hedging and lending options.
The payment firm highlighted that its expansion into New Zealand is strategically significant due to its established operations in Shanghai and Shenzhen, China, as well as its extensive presence across Australia, which are critical hubs for trade with New Zealand.
According to managing director for Asia Pacific, Rick Roache, Ebury had three key products: cash management, making payments, and collecting cash.
Ebury specialises in currency exchange and provides expert guidance on optimal timing for currency exchanges, strategies for safeguarding exchange rates, and various hedging techniques.
“If you’re an exporter, we can give you your own payment account in your business’s name to collect whether it’s Euros, Canadian dollars, pounds, whatever,” Roache said.
“The benefit of that compared to what you get from a traditional incumbent provider would be that whoever’s paying you is paying you via a domestic payment. It’s easier for whoever’s paying you; it’s quicker, it’s cheaper, it’s a better way of doing business,” he added.
Roache emphasised that making cross-border transactions easier is crucial for the success of any global enterprise. He also highlighted the importance of SMEs in New Zealand’s economy. On a global scale, SMEs are increasingly establishing their supply chains abroad, yet banks are showing less interest in serving them.
“That provided a big gap for us. That’s why we’ve grown so quickly to fill that space.”
Ebury announced a 32% increase in global transaction volumes, reaching over £25.5 billion (approximately NZ$54.6 billion) for the fiscal year ending April 30, 2023.
The company’s major shareholder is Banco Santander and currently has more than 1,700 employees across 25 countries.