Santander's Ebury considering £100m takeover of Lumon

(Sharecast News) - Ebury is reportedly considering a takeover of foreign exchange firm Lumon as it looks to accelerate its expansion ahead of an initial public offering.

City AM cited sources as saying that Ebury - which is majority-owned by Santander - is in talks with Pollen Street over a potential bid for Lumon that could value the company at more than �100m.

It was understood that bankers at Canaccord Genuity were drafted in by Pollen Street to run a sale process earlier this year but a previous buyer pulled out. Sources told City AM there is no certainty the Ebury deal will materialise.

Lumon, which was bought by Pollen Street in 2013, offers foreign exchange services to customers and businesses.

Lumon itself has grown through dealmaking under Pollen Street's ownership, most recently buying UK payments specialist Fiscal FX earlier this year and Abacus FX in 2024.

Last year, Lumon was among the suitors for stricken rival Argentex, which had been caught up in the currency swings triggered by Donald Trump's so-called liberation day. It later pulled out of the deal at the eleventh hour and Argentex was bought by IFX Payments.

Ebury also acquired ArcaPay in September to create Ebury Partners Lithuania.

Sources told City AM that Ebury has been on a deals footing after raising around �550m from backers including Santander and Centerbridge in April, with aim of accelerating its expansion across products and markets.

City AM said that while Ebury has long been seen as a potential initial public offering candidate in London, it has shelved any immediate plans for a listing and is looking to scale up its operations.