Multinational Brazilian fintech company, Ebanx has recently announced its plans to expand operations to Africa.
Besides the foreign payment fintech company, there is a good number of African fintechs providing reliable solutions and it seems Ebanx is coming to take a bite from the mobile money and to take advantage of the promising digital economy.
Ebanx operates currently in about 15 countries in Latin America, and has been in existence for a decade now. It is one of those businesses that has survive startup mortality prediction after 10 years. According to Investopedia, as of last year, 20% failed in the first year, 50% within five years, and 65% within 10 years in the US.
In a report by Endeavor in June, Africa’s digital economy is estimated to be worth $115 billion. So far for Ebanx, it has processed over $1 billion in fintech payments.
It appears that Ebanx has already started operations in Kenya, Nigeria, and South Africa partnering with Pipefy—a Latin American company for workflow management founded in 2015.
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By Elijah Christopher