Following its recent acquisition by Ebury, a global fintech, Bexs has plans to expand internationally and invest in comprehensive forex digitalization and payment technologies
The Bexs group, a pioneer in international online payments, is helping an ever-larger number of global players gain access to an estimated market of more than 100 million Brazilian online consumers.
Its innovative solutions, which combine local payment methods and forex transactions, have attracted clients from around the globe, such as major Chinese players ByteDance (TikTok) and Kwai, and resulted in partnerships with global payment companies including Boa Compra, Coda Payments, Volt, Thunes and Worldline.
The Bexs group includes Bexs Bank, with over 30 years of experience in the forex market, and Bexs Pay, a digital payments provider that has pioneered the cross-border transaction model.
The Bexs group has come to prominence as a result of its cross-border technology and innovation, attracting attention from Ebury, a global fintech based in London and which counts the Santander Group among its largest investors. The company signed an agreement to acquire Bexs Bank, including the Bexs Pay platform, at the beginning of May.
The acquisition is currently being evaluated by the Central Bank of Brazil (BCB). Once approved, the merger will serve as a platform for increasing international transfer offerings to small and medium enterprises and connect the Brazilian operation with more than 20 other countries where Ebury already operates.
The Bexs group processed more than US$ 3.9 billion in payments and forex transactions in 2021 alone and following the merger, it will be able to manage larger international payment volumes and transactions in multiple currencies. The merger will also pool the two companies’ regulatory and technological expertise, supporting solution development and expanding the business through new domestic and international partnerships.
Here are some of the Bexs group’s operational highlights:
After becoming the first PSP to integrate Pix with cross-border transactions last year, Bexs Pay partnered with NuPay, the online e-commerce payments platform from the world’s fifth largest unicorn, Nubank, in 2022.
Following the partnership, Nubank customers using online international platforms can make debit payments or pay in up to 24 interest-free installments directly from their Nubank app without having to provide their bank details or sign contracts, which means their purchases are approved instantly.
Bexs Pay is now fist international transactions platform with NuPay in its payments portfolio, making it easier for Brazilians to consume overseas products and services. Another important factor is security during online purchases, which helps to considerably reduce the risk of fraud and other financial scams.
Recently, Bexs also partnered with Coda Payments, a world leader in global gaming payments that helps digital content providers monetize products and services. This means Pix payout services (payments from overseas into Brazil) and the bank’s API platform will be integrated with Codashop, which serves millions of monthly users in 50 countries.
Other major partnerships
In addition to Nubank and CodaCash, Bexs’ expansion has resulted in a number of other digital players, including Facily, a social commerce unicorn, Volt, a US-based digital wallet that also operates in Brazil, Avast and Pipefy, global software companies, and others.
“These successful partnerships have allowed us to bring interoperability and an in-depth understanding of Brazilian forex regulations, making transaction flows more convenient, increasing through innovation and offering real-time transactions. Our payment and forex technologies, which are fully integrated via API, make transactions more transparent and efficient while controlling and protecting currency prices. We can see a wide range of opportunities to develop solutions through these and future partnerships, while remaining focused on the customer experience”, Vinicius Vieira explained.
In social media, Bexs innovated by partnering with the TikTok and Kwai platforms, instantly processing payments – seven days a week, 24 hours a day – from their marketing actions for over 10 million Brazilian users. Bexs processed more than 50 million payout transactions for TikTok and Kwai in 2021, 34 million of them via Pix.
The Bexs group has also partnered with other major companies, such as international payments company Worldline, Boa Compra, part of the PagSeguro group, Brazilian retail giants B2W and Via Varejo, and others.
We’ve reported that Ebury acquired Bexs.