Key facts
- Ebury, majority-owned by Santander, is in talks to acquire Lumon.
- The potential takeover of Lumon could value the company at over £100m.
- Lumon offers foreign exchange services to customers and businesses.
- Ebury raised approximately £550m in April to accelerate its expansion.
- Ebury acquired ArcaPay in September.
Santander-backed Ebury is reportedly in discussions to acquire Lumon, a foreign exchange firm owned by Pollen Street, in a deal that could exceed £100m. The move is part of Ebury's strategy to accelerate growth ahead of a potential initial public offering.
Sources indicate that Ebury is in talks with Pollen Street over the potential bid. Bankers from Canaccord Genuity were previously engaged to manage a sale process for Lumon earlier this year, but a prior buyer withdrew. The outcome of the current negotiations is uncertain.
Lumon, acquired by Pollen Street in 2013, provides foreign exchange services to both individuals and businesses. This potential merger occurs amidst a period of consolidation within the FX market. Lumon itself has expanded through acquisitions, including the recent purchase of Fiscal FX and Abacus FX in 2024.
Ebury has been actively pursuing deals following a £550m fundraising round in April, supported by investors including Santander and Centerbridge. This capital infusion is intended to fuel its expansion across products and markets. Ana Botín, Executive Chair of Banco Santander, stated that the investments would enable Ebury to scale faster and enhance its offerings to SMEs globally. Ebury's CEO, Juan Lobato, highlighted the positive impact of AI and digital payments infrastructure on the company's growth.
While Ebury has been considered a candidate for a London IPO, it has reportedly postponed immediate listing plans to focus on scaling its operations. Lumon was previously a suitor for rival Argentex last year but withdrew its bid. Ebury also strengthened its presence in Lithuania by acquiring ArcaPay in September.