Ebury has announced its first acquisition, buying international payroll payments provider Frontierpay for an undisclosed sum.

The European FinTech has done the deal as part of an expanded technology investment programme. Its strategy is to invest in technologies that will help accelerate the automation of international payment processes, specifically targeting those within finance and treasury functions of mid-market corporates.

In addition to payments, Ebury is investing in technologies that improve the global trade process for small businesses, including foreign exchange and currency hedging, international cash management and trade finance. It has also announced banking partnerships this year with SACE Simest and Unicaja Banco.

Frontierpay was founded in 2009 and delivers payroll payments across 180 countries. With an office in Singapore, the acquisition also extends Ebury’s geographic footprint in the Asia-Pacific region, alongside its new Australian office.

Juan Lobato, Ebury’s co-founder and chief executive, commented: “This transaction comes during a period of change for our business, as we partner with more financial institutions and invest heavily in the technologies that will change the way SMEs trade and make payments internationally.

“The continued addition of products to Ebury’s core platform demonstrates that as the platform matures, revenue opportunities develop through new service lines as well as geographic expansion,” he added.

Owain Walters, chief executive of Frontierpay, added: “Access to Ebury’s platform and services will allow our already-strong growth rate to accelerate and give our existing clients the benefit of its unique cross-border transaction services, wider geographical coverage and a large dedicated technology team to drive our product development.”

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