London fintech startup Ebury just raised $83 million

Ebury, a London-based online finance startup, just bagged a huge $83 million (£54.5 million) of investment.

The 6-year-old startup has raised the sum from private equity group Vitruvian Partners, which has backed startups like Just Eat and Farfetch, and existing investors 83North. Ebury has raised over $110 million (£72.2 million) in total since it was founded in 2009.

Ebury is one of a number of financial technology, or fintech, businesses that have sprung up across the UK since the 2008 financial crash.

The company helps small and medium-sized businesses to operate abroad, by offering bespoke financing solutions usually reserved for big multinationals.

Salvador Garcia, Ebury's CEO and co-founder, explains the pitch in an emailed statement, saying:

As the world becomes smaller, international trade has become a critical growth factor for almost every business. However, the traditional financial system has failed to keep pace with the needs of mid-sized businesses, offering prohibitive rates and services that are too slow and cumbersome for organisations that must move quickly to take advantage of new opportunities.

By providing these previously under-served businesses with financial services that are normally reserved for large companies, Ebury is enabling them to fulfill their international potential and to perform like major corporates on the world stage.

The company lets businesses do everything from hedging currency rates to paying overseas suppliers, and also offers loans. Ebury uses smart technology to bring the cost of these services down, which is what makes it viable to offer them to smaller businesses.

Ebury works with over 10,000 businesses and has a big customer base among international charities. The company has traded over £7.6 billion ($11.5 billion) in currencies over the past 3 years, according to its website.

The latest funding round will go towards European expansion and a launch into the US market, slated for next year, the company said in an emailed statement. Ebury currently operates across the UK, Netherlands, and Spain.