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Strong results, including 85% revenue growth and positive EBITDA, position Ebury for IPO ambitions


  • Group revenues increased by 85% to £204 million (FY22: £110 million)
  • EBIDTA increased by 173% to a positive £16 million (FY22: negative £22 million)
  • Booked volume of transactions increased by 32% to £25.5 billion (FY22: £19.3 billion)
  • Average revenue per customer increased to £15.6k (FY22: £8.2k)
  • Total current active customers are 19,700, with a headcount of 1,700 employees across 40 offices worldwide
  • Santander’s investment in the Group now stands at 54% of the total shares


  • The rebuild of an even better API (Application Programming Interface)
  • A new indirect partnerships portal
  • More complex FX solutions to help keep businesses’ cash flow safe and their profit more predictable


  • A new global operations hub in Malaga and offices in Prague, Dublin, Stockholm, Santiago de Chile, Montreal, Shenzhen and Leon
  • Technology and local experts in each region in areas such as Compliance, Risk and HR


  • Bexs Banco de Cambio S/A, and Bexs Tecnologia da Informação Ltda in Brazil, provide cross- border payments solutions, including FX in Brazil
  • Trans Skills Investment will form part of the Mass Payments division and provide payroll processing capabilities in the Middle East
  • Prime Financial provides financial market advice and intermediary services in the treasury sector, and will provide the licence to launch and grow a South African presence

Strategic overview

The financial markets in FY23 were disrupted by several difficulties, such as the ongoing war in Europe, and vulnerabilities in financial institutions. Despite these obstacles, Ebury maintained its dedication to investing in the business, leading to sustained revenue growth and enhanced financial performance during FY23.

Ebury identified the key pillars to achieving its strategy and focused on ensuring the following was implemented:

  • Activity: Ebury ensured teams were well managed and organised, maintaining morale and bringing activity up to and above historical levels.
  • High Value: Ebury prioritised and focused on its customers. The key was for everyone to take ownership for producing quality services and making sure new customers were brought in to grow the business.
  • Cross selling: Ebury drove every opportunity to match the best products with its customers’ needs.

During the year, Ebury put all the resources in place to ensure commercial and product strategy were aligned to have the best possible offering for its customers.

Ebury sees continued growth opportunities in new vertical markets where the traditional banking sector has not yet focused, to increase the client base, and new sectors where Ebury is still not present and where it is believed there is a significant growth opportunity. Ebury will also continue to make acquisitions to support this growth.

The financial improvements in comparison to the previous year can be observed also when looking at the EBITDA growth of 173% to £16 million from negative £22 million in 2022, reflecting a positive change of £38 million and representing a significant improvement. The main reason for this positive shift is the operational leverage in the cost base, coupled with substantial revenue growth.

Santander is Ebury’s biggest shareholder with 54% of the Company’s total shares issued, an eventual IPO of the business is expected to see the company raise capital for growth while existing shareholders remain invested.

Juan Lobato, Founder and CEO of Ebury, commented: “I am eternally grateful to those who have helped build this business, and I know they share my pride when reflecting on where we have come from as well as sharing my excitement for where we can go next. Rising costs for both businesses and individuals, geopolitical instability, and vulnerabilities in financial institutions gave us all cause for concern, but we are in a stronger position than ever before. We have big ambitions and are exploring an IPO of the business on the back of our strong financial and commercial performance to maximise Ebury’s potential. We have no plans to slow down our amazing growth journey– in fact, we intend to speed things up!”

Media enquiries:
Temple Bar Advisory
Alex Child Villiers / William Barker / Sam Livingstone
07827 960151 / 07827 960151/ 07769 655437


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