Fintech non-bank lender Ebury enjoys rapid growth, opens Melbourne office

From

Rick Roache

Ebury, a global fintech and new entrant in Australia’s corporate banking services sector has opened an office in Melbourne’s Collins Street after a period of exceptional nationwide growth.

Ebury Australia managing director Rick Roache said three months after entering Australia’s non-bank lending market by launching trade finance for importing and exporting SMEs, Ebury Australia had become the fifth largest of 22 Ebury trade finance markets across the world.

Support from customers was so strong that Australia could become the number three market for Ebury trade finance globally, according to loan value, by 2020, he said.

Ebury is the largest non-bank in the world that focuses on SMEs that trade internationally. It set up in Australia a year ago, based in Sydney, initially offering foreign exchange related products and services. With a valuation of more than $1 billion, Ebury is a ‘unicorn’ and with offices across Europe, the Middle East and Canada, and is expanding across Asia. It opened its US operation last month.

Mr Roache said Ebury came to Australia as part of its global expansion and because it saw a huge opportunity in supporting Australian SMEs, which research showed were experiencing a collective $80 billion funding gap and faced great difficulty getting capital, especially those with volatile revenue and cash flow.

“That has proved to be the case. Our ability to provide trade finance for unsecured payables and receivables with line sizes of up to $5 million per client has been welcomed by a broad range of importing and exporting SMEs.

“Our sweet spot is that we combine FX and trade finance in one place, which is a strong and compelling proposition. We expect to grow significantly as we build out our client footprint. Having people on the ground in Melbourne will help us develop deeper relationships with Victorian clients and better understand the nuances of their businesses, which is at the core of our offering.

“Melbourne and Victoria are very important for Ebury’s growth plans in Australia. Melbourne is growing faster than Sydney and in 2018 generated almost 20% of Australia’s GDP. This increases to 23.3% of national GDP if regional Victoria is included,” Mr Roache said.

Apart from trade finance for a company’s buying and selling cycle, Ebury offers a variety of transactional banking services in more than 130 currencies, including FX solutions for collecting, hedging and payment challenges.

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