EBANX, a fintech unicorn company specialised in payments for Latin America, has commenced its expansion throughout Central America.
As part of the growth, the firm has launched operations in Costa Rica and is set to go live in El Salvador, Panama, Guatemala, and the Dominican Republic by the first half of 2021.
“We are very excited to start our expansion in Central America, a region that is growing quickly in terms of e-commerce and digitization, and which has a great unknown potential for global companies,” stated André Boaventura, partner and CMO at EBANX. “The arrival of EBANX in the region will not only allow these companies to expand their addressable market, but will also have a positive impact by expanding this population’s access to digital products and services.
“More and more, EBANX is helping global companies to seize Latin America’s full potential,” added Boaventura.
EBANX began to offer its payments solutions outside Brazil, the fintech’s home country, back in 2015, with the launch of operations in Mexico and Peru. Launches in Colombia, Chile, Argentina, Ecuador, Bolivia and Uruguay came within the following years.
With the expansion throughout Central America, the company adds an approximate USD 12 billion e-commerce market to its operations. Costa Rica, the first EBANX’s market in Central America, has led the region’s e-commerce over the last few years. The country has over 80% of internet penetration, and a high level of educational attainment and financial inclusion. Approximately 70% of its population is banked, according to World Bank data, and 27% are online consumers, which makes Costa Rica a key market in the region.