The Polish branch of Ebury, after six years of development in Poland, will also serve clients in the Baltic countries of Lithuania, Latvia, and Estonia - especially those trading with partners from Russia, Ebury said.
“We decided to enter the Baltics directly because, despite the relatively small size of their economies, they are transfer markets between Russia and the European Union and are characterized by very high import activity,” - Ebury Poland sales managing director Jakub Łańcucki said.
“For example, Ebury’s customers in the Baltics sent payment orders worth almost 120% higher year-on-year in the last 12 months, and their number increased by almost 400%. We currently see great potential in the Latvian market, due to the size of the market and the low quality of financial services provided to businesses there, “added Łańcucki.
The £70m that Banco Santander injected into Ebury’s equity in 2020 enabled the company to accelerate its growth and enter new markets - primarily Latin America (new branch in São Paulo, Brazil, the first on the continent) and Asia (new branch in Singapore).