Ebury, the global financial services provider majority-owned by Banco Santander, has acquired ArcaPay, a Lithuanian foreign exchange and cross-border B2B payment services company, positioning ArcaPay for accelerated expansion in the Baltics and Finland.
Based in Vilnius, Lithuania, ArcaPay specialises in cross-border payment solutions, currency conversion, and risk management services for internationally operating small- and medium-sized enterprises (SMEs). Since 2021, the company has served over 1,500 business customers in the Baltic States and Finland.
Ebury and ArcaPay expect the acquisition to strengthen the region’s fintech ecosystem and increase competition in the corporate banking sector. In 2023, ArcaPay grew by 78 per cent, generating revenues of €1.35million. According to unaudited data, the company recorded revenue growth of 33 per cent in 2024 while operating profitably.
“We are thrilled to bring Ebury, a world-class leader in B2B cross-border payments, to the Baltic and Finnish markets,” said Marius Bausys, founder of ArcaPay, in reaction to the news. “In a region where incumbent commercial banks dominate, Ebury will provide a reliable and efficient alternative for businesses of all sizes, from SMEs to large enterprises. We are dedicated to empowering our clients engaged in international trade to thrive and succeed in the global economy.”
UK-based Ebury helps businesses trade internationally and offers a suite of payment, collection, lending and risk management products. The fintech currently boasts over 1,700 employees across more than 40 offices in 29 markets. In FY 2024, Ebury increased global revenues to over £221million.
“We have successfully expanded independently so far, although our product portfolio has been limited. As part of Ebury, we will be able to offer a wider range of services to our clients, from fund collection and broader currency risk management to international trade finance solutions,” added Virginijus Kaušas, CEO of ArcaPay. “We are enhancing our capabilities with newly acquired resources, enabling us to address a broader spectrum of customer needs while reinforcing our competitive position in key markets.”
Bolstering growth and expansion ambitions
Kaušas says the backing of a globally recognised name will enhance trust helping ArcaPay to expand its customer base. At the same time, Ebury is also acquiring established local representatives, further strengthening its international presence.
According to Bausys, the signed acquisition agreement only represents a first step, with more detailed expansion plans to come in the near future.
“Once we receive approval from the Bank of Lithuania, we will be able to announce more detailed plans regarding the team’s growth and development strategy,” he also said. “While the transaction marks an entirely new phase in our company’s operations, our core mission remains unchanged – to provide the Baltic region’s businesses with reliable, innovative, and competitive financial solutions.”
Žygimantas Stankevičius, partner at TGS Baltic, the law firm that represented ArcaPay in the transaction, said: “This transaction is significant not only for ArcaPay but also for the entire financial services market. Ebury is an active player in the market with a number of strategic acquisitions and development projects under the control of its major shareholder, Banco Santander. The entry of such a solid name into the Baltic region, even indirectly, is a significant endorsement of the client’s well-established business and reflects confidence in the market’s potential. This is a positive development for the industry.”
