Ebury expands into New Zealand offering a new approach to FX banking

Ebury, a rapidly growing global fintech, has officially launched its operations in New Zealand. This significant expansion, marking its 40th office worldwide, aims to provide essential competition in the banking sector, specifically catering to Kiwi SMEs engaged in international trade. ExporterToday sat down with Rick Roache, Managing Director for APAC, who shares more details on the launch and its offering.

Ebury is a fintech that specialises in international payments and collections, foreign exchange (FX) in over 130 currencies, cash management strategies, and foreign exchange risk management. Quite a mouthful, but then Kiwi exporters will tell you that navigating the complexities of foreign cashflow is no walk in the park.

Ebury’s expansion into New Zealand comes on the heels of its success in Australia, where over the course of six years it has established offices in Sydney, Melbourne, and Perth.

In Auckland for the official launch – several years in the making – Rick Roache explains that Ebury offers an alternative to traditional banking services, which often fall short in meeting the needs of smaller exporters engaged in international trade. “We embrace the complexity and risk of daily cross-border payments that enable business growth, in a way that traditional banks do not, or cannot,” says Roache, as we overlook Auckland’s Waitematā Harbour.

Roache says that the New Zealand office is strategically important, given Ebury’s existing presence in major Asian trade hubs like Shanghai and Shenzhen. “New Zealand has a really similar dynamic and market to Australia. We wanted to use that as our APAC base,” he explains. This expansion allows Ebury to connect Kiwi businesses with crucial trading partners in Asia and Australia, streamlining international transactions.

Despite the challenges posed by the COVID-19 pandemic, which delayed the company’s plans for expansion, Ebury’s commitment to supporting the New Zealand market has remained in its sights.

With limited options available for SMEs seeking cross-border payment solutions in New Zealand, Roache says that Ebury’s entry into the market promises to fill this gap. He highlights the company’s unique position, saying, “We’re really excited to bring our innovative technology platform into the market supported by a ‘boots on the ground’ team that differentiates us from other providers.”

Rick Roache.

Ebury’s three main offerings – cash management, FX services, and trade finance – are designed to meet the diverse needs of businesses engaging in international trade. The cash management solution allows New Zealand corporates to collect payments in multiple currencies, while the FX service enables businesses to manage currency exchange and risk effectively. Additionally, Ebury’s trade finance product provides flexibility and support that traditional banks typically do not.

These services are designed to cater primarily to SMEs doing business in international markets, a significant sector of the New Zealand economy. Roache points out that banks often overlook this segment due to its complexities and regulatory challenges. “Local banks typically focus on domestic business and find the international element challenging because they’re not international banks,” he explains. “We’re specialists at it, so that’s the problem that we solve.”

Roache is quick to point out that Ebury’s approach goes beyond just providing services; it emphasises building relationships and offering personalised support. Each client will have access to a dedicated relationship manager who can address their unique needs. “They’ll answer the phone in three rings”, highlighting the importance of accessible support for SMEs that may not have sophisticated accounts teams.

The presence of local expertise is a significant advantage for Ebury. The team in New Zealand will be supported by insights and resources from Ebury’s established offices in Australia and Asia. This interconnectedness allows Ebury to offer tailored solutions that account for the local context and global market dynamics.

“We can help [businesses looking to expand in the region] negotiate deals with suppliers, navigate cultural and regulatory complexities, and make informed decisions about currency invoicing,” Roache says. This hands-on approach is crucial for businesses unfamiliar with the nuances of trading in regions like China.

Ebury’s innovative solutions address the specific challenges faced by SMEs, empowering them to grow and thrive in the global marketplace. Roache emphasised this point: “As the world becomes increasingly interconnected, simplifying cross-border transactions is essential for the success of any global business.”

As Ebury establishes its presence in New Zealand, plans for further expansion are already in motion. “We’d like to be as local as possible,” Roache says, hinting at potential future offices in other regions, including the South Island. ”