Banco Santander has acquired a 50.1% stake in UK-based payments platform Ebury, following the receipt of all regulatory approvals.

Santander invested £350m ($436m) to close the deal, which was first announced in November last year.

The move is in line with the bank’s strategy to deliver SMEs with tools required for their international expansion via global trade finance services.

To that end, the bank has used £70m ($87.2m) of the total deal value to boost its resources and support international expansion.

Santander Brazil and Ebury chairman Sergio Rial said: “This new acquisition will provide us with the capabilities to further increase the Global Trade Services business with a new world-class platform with which we expect a significant return on investment in the coming years.”

Under the terms of agreement, Ebury will get access to Santander’s international network as the payments platform plans to expand its business to other markets in Latin America and Asia.

In the UK, the firm operates as a global distribution platform supported by a data-based business model that offers high-quality products and customer experience.

Ebury co-founders Juan Lobato and Salvador Garcia said: “In just over ten years, Ebury has grown from a small fintech company to a business with over 1,000 employees.

“Now, thanks to the support of Santander, we will be able to expand the business even more internationally and enter new markets.”

Ebury, which has operations in 17 countries and deals in 140 currencies, serves over 43,000 active companies.

The company has reported a 50% average year-on-year growth in revenues over the past three years.