We interviewed Luis Merino, Country Manager of Ebury Spain, a leading global platform for international payments and trade solutions, majority-owned by Santander Group.
1.- Could you briefly explain what Ebury is?
Ebury is a global fintech specialising in international payments and collections and in treasury management solutions for businesses. We were founded in London in 2009 and Santander is our majority shareholder.
Our platform enables companies to make payments in more than 140 currencies and operate in over 160 countries, as well as manage multi-currency accounts, hedge foreign exchange risk, access financing solutions and integrate these capabilities with their own financial systems through API solutions.
Essentially, we aim to provide companies that export or import with financial and technological infrastructure that simplifies the management of their international operations. Our goal is to enable companies, regardless of their size, to make and receive payments and manage their treasury across different markets with the agility, control and security they have in their domestic market.
2.- Ebury operates in 30 regulated markets and serves more than 27,000 companies worldwide, enabling payments in more than 140 currencies across 160 countries. What does its technology platform offer clients?
Essentially, we simplify and make our clients’ entire international financial operations more efficient.
We offer 24/7 capabilities across more than 140 currencies and enable clients to manage multi-currency positions from a single environment. We also facilitate the opening of local accounts in more than 20 jurisdictions, including the United Kingdom, Switzerland, China, Hong Kong and Australia, as well as the main European economies.
If I had to summarise the main value our technology provides, I would highlight the ability to centralise a significant part of a company’s international financial management on a single platform, gaining greater agility, visibility and control. This is complemented by our tools for proactively managing exposure to foreign exchange risk, which is particularly relevant for companies that buy, sell or hold positions in different currencies.
But technology is only one part of our model. We continue to place enormous importance on personal relationships and on understanding each client’s needs. That is why we combine our technological capabilities with the support of a dedicated account manager who acts as the company’s regular point of contact. I believe one of the keys to our growth has been precisely this hybrid model, which uses technology to simplify processes and increase efficiency without giving up expert advice and personalised service.
3.- It was recently announced that Ebury has welcomed Centerbridge into its shareholder base. What does this achievement mean for the company?
It is excellent news for Ebury. The entry of an investor of Centerbridge’s standing is, first and foremost, recognition of the work we have carried out over the years and of the strength of the model we have built. The fact that an international firm of this scale has decided to back our project reinforces our confidence in the company’s growth potential.
The financing rounds, led by Centerbridge and amounting to approximately £550 million, also provide significant momentum to accelerate our next phase of growth. The funds will primarily be used to continue developing our product, expand our geographical presence and scale the business, with a particular focus on new technological and artificial intelligence capabilities.
In addition, Santander remains our majority shareholder, with a 55% stake. Its decision to invest again is a clear sign of its long-term commitment to Ebury.
4.- How has Ebury positioned itself in the Madrid Region?
Madrid holds a strategic position for Ebury. It is one of Spain’s leading centres of economic and business activity and, in recent years, it has also strengthened its role as a bridge between Europe and Latin America, both for Latin American companies seeking access to the European market and for European companies with interests in the region.
Our own growth in Madrid reflects the importance we attach to this market. Since opening our headquarters, we have experienced strong growth, turning it into Ebury’s largest office worldwide. We currently have more than 2,600 square metres of office space, and an increasing number of teams with global responsibilities are working from Madrid, serving not only the Spanish market but also other geographies where we operate.
Madrid has thus become one of Ebury’s strategic hubs. Its business dynamism, growing international profile and ability to attract talent are particularly well aligned with our growth and expansion plans.
5.- What benefits do your clients find when working with Ebury?
I believe our main added value lies in removing barriers and simplifying companies’ international operations. Moving between different markets, currencies and financial systems remains a complex task, and our goal is to reduce that complexity so that companies can focus on their core business.
We add value primarily in three areas. The first is agility. We facilitate processes such as opening local corporate accounts in numerous countries and making international payments, reducing time and simplifying procedures. In international trade, having agile financial infrastructure can make a significant difference.
The second is risk management. We help companies identify their exposure to currency fluctuations and provide hedging solutions tailored to their needs. For a company that buys or sells in foreign currencies, properly managing this risk means protecting margins and gaining greater visibility over future costs and revenues.
The third element is support. Each client has a specialist who understands their business, their international flows and their needs, and can advise them accordingly. This combination of technology, financial expertise and personalised service is probably one of Ebury’s key differentiating factors.
6.- What are your future growth and expansion prospects?
Spain is already a mature market for Ebury after more than ten years of activity in the country, but we continue to see significant growth potential. Over the past few years, we have maintained growth rates of around 20% annually, and our challenge now is to sustain this pace on an increasingly larger base. We have gained recognition among Spanish companies and are becoming increasingly present within the financial and business ecosystem.
One of our priorities for the coming years will be to strengthen our presence in regions with particularly internationalised business communities. We see significant potential in regions such as Andalusia, the Basque Country and Galicia, where we want to be even closer to companies and support them in their internationalisation processes.
The goal is to progressively replicate in these markets the level of penetration we have already achieved in more mature markets for Ebury, such as Madrid, Catalonia and the Valencia Region. We believe there is still a large number of Spanish companies with international operations that we can help simplify their payments and collections, better manage their exposure to currencies and make their international financial operations more efficient.
7.- Why did you choose the Madrid Region as one of your key locations? What advantages does the Madrid region offer compared with other cities?
We opened our Madrid office in 2012, shortly after starting our operations in Spain with an initial office at the Málaga Technology Park. For a company like Ebury, which works closely with companies operating internationally, being close to decision-making centres and our clients’ corporate headquarters is a strategic factor, and Madrid offered particularly favourable conditions in this regard.
Time has confirmed that decision. Today, clients in the Madrid Region account for around 40% of our revenue in Spain. It is a highly relevant market for us because of its concentration of companies, its high degree of internationalisation and the weight of sectors particularly linked to foreign trade, such as capital goods, the pharmaceutical and chemical industries, and consumer manufacturing.
This is complemented by a highly developed business and financial ecosystem, strong international connectivity and a growing ability to attract investment and talent. All these factors have transformed Madrid from an important market for Ebury into one of our main global operational hubs.
8.- How would you describe your collaboration with Invest in Madrid?
Our relationship with Invest in Madrid is excellent. I believe it plays a very important role not only in attracting investment to the Madrid Region, but also in supporting companies once they decide to establish and develop their operations here.
In the long term, an important part of this work involves ensuring that companies find the right conditions to grow, expand their activities and maintain their commitment to the region. In this regard, I would particularly highlight the proactivity and accessibility of its team, its knowledge of Madrid’s business environment and its ability to understand the specific needs of each company.
This support facilitates engagement with different stakeholders, helps companies navigate the administrative and business environment, and enables them to establish connections with potential partners and relevant players in the local ecosystem. For an international company, having an accessible public-sector partner with knowledge of the market provides confidence when making investment and growth decisions.
I believe Invest in Madrid’s work makes an important contribution to ensuring that our region is perceived internationally as an attractive environment in which to invest, establish a presence and develop long-term business projects.
9.- How many jobs do you currently have in the Madrid Region? What type of profiles are you looking for?
We currently have more than 250 professionals in Madrid out of around 2,000 employees worldwide, meaning that the capital accounts for approximately 12% of our global workforce. Less than two years ago, we opened our offices in Azca, which are now the largest of the more than 50 offices we have around the world, and the growth we have experienced since then reflects Madrid’s increasing importance within our organisation.
Madrid has become an important operations hub for Ebury, bringing together key teams in areas such as product, data, treasury, front office, legal and onboarding. In other words, this is not simply a sales office serving the Spanish market, but a centre from which functions are carried out that support the company as a whole.
Our commitment to attracting talent in Madrid is therefore ongoing. We currently have more than 50 open positions for a wide range of profiles, from specialists in client relationships to data engineers and other professionals working in technology, product and operations. We are looking for people who want to develop their careers in an international, technology-driven and fast-growing environment.
10.- Would you recommend the Madrid Region to other foreign investors considering expanding their business beyond their home markets?
Without a doubt. To any foreign investor considering establishing a presence in Spain, I would say that Madrid offers a highly attractive combination of business dynamism, infrastructure, talent and quality of life.
From a business perspective, it offers a highly developed ecosystem, strong international connections and a growing ability to attract professionals and companies from other countries. This is complemented by its position as a bridge between Europe and Latin America, which is a particularly relevant advantage for internationally minded companies and, in our experience, has strengthened considerably in recent years.
But there is another factor that is sometimes underestimated when a company decides where to establish itself: the ability to attract and retain the people it needs to grow. In this respect, Madrid is also highly competitive thanks to its quality of life, range of services and open, international character.
Our own experience is a good example. We arrived in Madrid in 2012 and today we have our largest office in the world here, with around 200 professionals and teams performing functions for different markets. That is why, when we talk about Madrid as a destination for international investment, we are not speaking solely from a theoretical perspective, but from more than a decade of experience growing in the region.