INTRODUCTION
1.1 About
the report
(GRI 2-2)
Welcome to the 2023 EBANX Sustainability Report. This report consolidates key facts and figures on the company's trajectory and underscores its commitment to sustainable development and innovation across all its global operations.
This document reflects EBANX's commitment to transparency and corporate responsibility by showcasing its initiatives, achievements, and challenges in the pursuit of a more inclusive and equitable society. It aims to create value for its audiences through an ongoing evolutionary journey.
Methodology
(GRI 2-3; 2-5; 2-14)
Since 2021, EBANX has used Global Reporting Initiative (GRI) standards to produce its report, which is guided by the material topics, that is, those of greatest relevance to its business and its main stakeholders.
These themes represent the company's strategic focus and guide the structure of this document, divided into four main sections: 1) Total Compliance; 2) Living Diversity; 3) Empowering Society; 4) Carbon Challenge.
These areas, together with the GRI indicators and EBANX’s own indicators, offer a measure of the company's performance in the period from January 1 to December 31, 2023, and its impact on society. The company’s vision for the future and some initiatives already implemented in the first half of 2024 are also reported here.
For more information on the process of choosing the topics covered, go to Materiality.
The content presented here has been reviewed by the heads of the Risk & Compliance and Marketing teams and approved by the CEO. The information is not yet submitted for external audit, which could be considered for the next cycles.
Questions related to the content of this report can be e-mailed to governance@ebanx.com.
Sustainability strategy
EBANX's mission is intrinsically linked to the principles of sustainable development, and this vision is supported by the three ESG pillars, which guide the company's operations and its contributions to a more sustainable future.
In 2024, EBANX is undergoing a major strategic review of its long-term vision in sustainability, seeking to expand its legacy and responsible solutions across the globe. More details can be found in Materiality.
1.2 Message
from the CEO
(GRI 2-22)
As I reflect on EBANX's journey over the past year, I am humbled by the impact we've made together. Our 2023 Sustainability Report represents our ongoing commitment to building a better future through our four core pillars: Full Compliance, Living Diversity, Empowering Society, and the Carbon Challenge.
Full Compliance remains the foundation of our global operations. We've worked to meet regulatory expectations, strengthening our internal controls and risk management frameworks as we expand into new markets. It’s not just about compliance, but about ensuring that we operate with integrity and responsibility.
In Living Diversity, we’ve focused on enhancing our company culture. Our diversity and inclusion efforts reflect our belief that diverse voices are essential to innovation. We’ve expanded into rising markets, amplifying our impact on local communities and underrepresented groups, and fostering an environment where every voice at EBANX is heard and valued.
Our commitment to Empowering Society is central to everything we do. Access isn’t just about financial inclusion; it’s about connecting people, businesses, and regions to the global digital economy. Initiatives like Códigos do Amanhã are a reflection of that, giving young talent from underrepresented communities the tools to succeed in the tech world. Through this, we hope to contribute to a future where technology drives social change.
Lastly, the Carbon Challenge is an ongoing area of focus. Environmental responsibility is a journey, and while there is much more to be done, we are committed to reducing our carbon footprint. By aligning with global trends and focusing on sustainable growth, we aim to make a real difference.
As we continue to expand our global presence — from Curitiba to Kenya, from India to rising tech markets — we remain dedicated to impacting society through technology. Whether it's within our local community or across the globe, our mission is clear: to connect, empower, and innovate.
Thank you for your trust and support as we work together to build a more sustainable future.
Yours sincerely,
João Del Valle
CEO
2. ABOUT
EBANX
(GRI 2-1)
Provide access for all. That is EBANX's mission.
EBANX is a payment platform that connects global companies to customers in the world's fastest-growing digital markets. The company was founded in 2012 in Brazil with the mission of facilitating access to international digital commerce purchases. With its proprietary technology and infrastructure, combined with a deep knowledge of the markets where it operates, EBANX’s platform allows global companies to connect with hundreds of payment methods in different countries in Latin America, Africa, and Asia. EBANX goes beyond payments, increasing sales and promoting seamless shopping experiences for companies and their customers.
EBANX plays a crucial role in the digital transformation of these economies, driving financial and social inclusion by broadening access to essential services, including education and consumer goods. Its innovative payment solutions empower businesses and consumers alike, allowing different generations to access goods and services and contributing to global economic growth.
2.1 Business
(GRI 3-3: Relationship with strategic parties; GRI 2-6)
Standing out for the innovation and robustness of its platform, EBANX is able to instantaneously integrate global payment systems across emerging markets, without the need for an intermediary local entity.
A leader in alternative payment methods and direct connections to key local players, EBANX enables global companies to maximize their operational efficiency and expand their presence easily and quickly.
In 2023:
+ than 400 global enterprise merchants
+ than 2 million daily transactions
+ than 65 million end customers served
Continuous investment in technology keeps EBANX at the forefront. It offers solutions such as B2B processing, which facilitates transactions between companies in global markets, and advanced fraud and risk management, which balances security with high approval rates and low chargeback¹ rates.
The company offers a variety of payment methods, such as PIX - an instant payment system widely used in Brazil -, digital wallets, and credit and debit cards, providing a continuously growing payment platform. EBANX’s wide network of partners² delivers an optimized experience adapted to the specific needs of each of the markets in which it operates.
Learn more here.
¹ Note: A chargeback is the refund to a customer after a credit or debit card purchase is disputed.
² Note: Detailed information regarding these third parties is not publicly disclosed.
Growth and advancement
(GRI 3-3: Financial sustainability)
EBANX's growth strategy focuses on geographical expansion and technological innovation, aligning with its mission to enhance financial access and inclusion. By facilitating connections with global brands, the company generates revenue, jobs, and social and economic development in the emerging markets in which it operates, while its innovative payment technologies help financially include millions of people.
To learn more about EBANX's activities in various global markets and digital commerce opportunities, access the 2024 Beyond Borders report here.
Apart from continuously diversifying its solutions to complex payment problems, the company's strategies are also boosted by its commitment to information security. One example is the recent ISO 27701 certification, which highlights the company’s responsibility for data protection. For more details, see Information Security.
Looking to the future, EBANX seeks to expand its range of technologies and increase operational efficiency to meet the challenges of new markets, while maintaining its focus on high performance and the satisfaction of its partners and customers.
In the past 12 years, EBANX has closely followed the remarkable transformation in Latin America, which has solidified itself as one of the most dynamic digital markets in the world. And more than witnesses, we have been an active player in this transformation. Our journey began in Latin America because we believed in its immense potential, and today, 12 years later, we remain stronger than ever in this belief. The digital transformation and payment revolution have been reshaping the game, and this vibrant region keeps being poised for explosive growth.
While presenting an increasingly mature and robust market, Latin America is far from exhausting its full potential. Until 2026, the region's digital market is expected to nearly double its size, almost hitting the US$ 1 trillion mark. Beyond this incredible growth, the financial inclusion factor is the foundation of it all – it has been taking place for more than a decade now and brought more than 100 million Latin Americans to the financial system from 2011 to 2021. Today, 74% of all adults in LatAm own a financial account, compared to 39% in 2011. All of this means access. Smartphones have been instrumental in this access journey. Payments, including wallets and debit, have been instrumental.. The regional differences abound due to the variety of technologies. At EBANX we simplify Latam by building this bridge between consumers, products and services that foster innovation and a competitive landscape.
Brazil is the land of Pix, the instant payment method that was born for mobile phones. It is only four years old and is already used by roughly 80% of adults in the country. Our internal data shows that Pix is the payment method of choice for 95% of people purchasing for the first time in EBANX merchants – it is bringing people in, and it is also generating business: by 2026, it will account for 40% of all the online sales volume transacted in Brazil. It positioned the country as the second with the most real-time payments, behind India. This is a native Brazilian solution, taking the world by storm.
Like Pix, LatAm has other native solutions that have been transformative for the region's landscape, bringing people into global digital commerce and bridging them with global brands. Local transfer systems, local e-wallets, and vouchers that allow cash payments for online purchases are some of LatAm's creations that innovate either in format or in their application to daily life, being the perfect complement to debit and credit cards.
From Mexico to the extreme South of Argentina, these payments changed the way we consume in Latin America for good, offline and online. The US$ 1 trillion mark in 2026 of LatAm's digital market will be formed by powerhouses like Brazil and Mexico, which will grow 19% and 33% per year, but also by smaller yet vibrant economies like Peru and Paraguay, expected to accelerate at 34% and 35% rates per year, respectively. Also, by nations in Central America and the Caribbean, such as Costa Rica, El Salvador, Guatemala, Panama, and the Dominican Republic, that create a powerful block for the digital economy to flourish as well.
The diverse payments landscape across Latin America reflects its diverse people. It is pure technology, pure innovation made in Latin America, and creating global access. We are proud to be active players in this landscape, which is deeply intertwined with the growth and consolidation of Latin America as an emerging global powerhouse. We are committed to continuing to lead this transformation and positive impact, further strengthening financial inclusion and economic development throughout the region. EBANX is and will continue to be, at the forefront of this movement, firmly believing in the transformative potential of LatAm's payments and digital market. We’re eager for the next decades!
Juliana Etcheverry
Director of Country Growth - Latin America
Based in Montevideo, Uruguay
2.2 Materiality
(GRI 2-29; 3-1)
EBANX identifies great potential to increase its positive impact and generate shared value. To establish a long-term ESG agenda, the company is reviewing its sustainability strategy in partnership with SEED Consultancy.
The review began with a detailed analysis of the 2022 Sustainability Report, focusing on verifying the thoroughness and reliability of the indicators, as well as identifying gaps and the company’s strategic objectives for promoting sustainable development through business. In the first half of 2024, materiality was also reviewed and incorporated into this document.
Materiality optimizes efforts and directs the company's strategic performance by highlighting ESG topics that have significant impacts or that influence stakeholder decisions.
Determination of materiality
At EBANX, the list of material topics is developed through a process that includes listening to key stakeholders and strategic partners across various areas, consulting internal documents and national and international frameworks, and market benchmarking.
241 people heard¹
ebankers (employees) - executives and managers
Suppliers
Banks and payment partners
Merchants
Community representatives (near the Curitiba office)
Representatives of regulatory and certification bodies
¹ Note: Although the number of responses was lower than the ideal sample, the information obtained was considered significant for the materiality review.
Below is the final list of prioritized material issues that will be the main focus of this report.
Looking to the future
Throughout 2024, EBANX is fine-tuning its ESG strategy by reassessing the maturity and strategic objectives of its guidelines and practices. This process includes a comprehensive assessment of operations, definition of focuses and priorities up to 2023, as well as mapping the main stakeholders for more intentional and transformative action throughout the value chain. The goal is to consolidate EBANX's sustainability strategy, ensuring that the company continues to grow in a sustainable, ethical and responsible manner.
ESG commitments
In 2023, EBANX revised some of the goals presented in the 2022 Sustainability Report, such as improving the methodology for calculating the Social Return on Investment (SROI), mapping the commitment of third parties (partners and clients) to ESG issues, and joining the UN Global Compact.
As part of its strategic sustainability review, the company is redefining its commitments by optimizing the number of goals and prioritizing the quality of outcomes to achieve a more direct, profound, and transformative positive impact. The targets for the 2024-2026 cycle will be presented in the next Sustainability Report.
EBANX continues to advance its initiatives on the social, environmental and governance fronts, recognizing that its commitment to sustainability is continuous. The goals achieved are detailed in the chapters of this report, highlighting both the progress made and the lessons learned along the way.
2.3 Governance
structure
(GRI 2-9-a)
EBANX’s solid framework for strategic decision-making ensures the company's transparency and accountability and promotes trust among investors, clients and other stakeholders.
Board of Directors
(GRI 2-9-c; 2-10; 2-11)
EBANX’s Board of Directors plays a crucial role in overseeing the strategic decision-making process and monitoring performance indicators.
Comprised of six members, the Board includes an executive, four non-executive members, and an independent member. Among the non-independent members, three are founders and two represent investors. The Chairman of the Board, who is not a member of the company's executive group, ensures impartial and objective oversight.
Currently, EBANX’s Board does not have any female members. However, the company is aware of the importance of gender diversity in leadership positions and works actively to promote it. See more at Living Diversity.
The members of the Board have relevant skills and extensive experience in EBANX’s areas of activity, a fundamental requirement for their appointment. There is no fixed term of office for members, and shareholders with different stock classes have specific rights to appoint their representatives. Board meetings take place quarterly, or as needed, aligned with business strategies.
By bringing together leaders with diverse experiences and perspectives, EBANX’s Board of Directors ensures effective oversight and provides the direction necessary for the company to achieve its goals.
Committees
(GRI 2-9-b; 2-13)
To assist in EBANX’s business decisions, the Board of Directors works with the support of committees to ensure the transparency and compliance of decisions, manage risks, provide recommendations based on data and evidence, and promote the best governance and sustainability practices.
1) Advisory Committees
(GRI 2-12; 2-17; 2-20-b; 2-25-e)
Audit Committee: comprised of three directors, including one independent director, who assists the Board of Directors in overseeing activities related to accounting, internal controls, auditing, compliance, and risk management. The committee, which meets monthly, also evaluates the effectiveness of complaint mechanisms, such as the EBANX Helpline reporting channel.
Governance and Compensation Committee¹: promotes and discusses governance practices at EBANX, and is responsible for matters related to the company’s purpose, mission, vision, and values, in addition to those related to sustainable development. After in-depth discussion within the committee, issues are submitted to the Board of Directors for deliberation. It is also up to the group to review and evaluate agreements, plans, policies, and compensation programs for directors and collaborators, and to provide support in identifying new members for both the Board and the committees. More details can be found in the Compensation chapter. The group is comprised of four directors, including one independent director, and meets every three months.
¹ Note: As EBANX is a Foreign Private Issuer (FPI), there are no independence requirements for any of its committees, except for the Audit Committee. Legislation in the Cayman Islands, where the company is registered, does not impose specific independence requirements for committees. Therefore, the appointment of members is carried out at EBANX’s discretion, allowing flexibility in choosing qualified professionals to support the various areas of corporate governance.
2) Executive Committees
(GRI 2-16-a; 2-25-a)
Risk Committee: composed of six executives - CEO; CFO; CTPO; and the Heads of Commercial; Legal, Risk & Compliance; and People - meets monthly to discuss the company's risk management. The committee defines and validates risk response strategies, oversees incident management, engages with second-line areas, evaluates internal and external audit reports, and monitors the regulatory environment. The committee plays an active role in decision-making.
Conduct Committee: Every month, the Heads of Legal, Risk & Compliance, and People meet to review reports of violations and suggestions for improvement submitted through the EBANX Helpline. See more details in Ethics and Integrity Program.
Culture Committee: discusses EBANX’s actions and strategies related to internal culture and employee engagement, helping ensure that decision-making is aligned with the Code of Conduct and corporate values. Starting in 2024, the committee will be restructured to better align with EBANX’s needs. Learn more at Empowering Society.
Crisis Committee: This committee is responsible for monitoring alerts and crises that may cause significant harm to the company and developing action plans to mitigate possible impacts. The committee meets as needed.
Data Protection Committee: established in 2023, it implements and oversees actions related to privacy governance and data protection, acting as EBANX’s Data Protection Officer (DPO). In addition, it works to ensure that privacy and data protection practices are aligned with legal and regulatory requirements and the company's strategic objectives. It meets monthly and is comprised of ten executives.
The Crisis, Conduct and Risk Committees are responsible for communicating crucial business concerns to the highest level of governance, as well as resolving any negative impacts that the company has caused or contributed to.