Santander-backed Ebury has entered talks with Pollen Street to acquire foreign exchange firm Lumon in a deal valued at over GBP 100 million.
According to City AM, Canaccord Genuity was appointed by Pollen Street earlier in 2026 to run a sale process for Lumon after a previous prospective buyer withdrew from the process. There is no certainty that a transaction between Ebury and Lumon will be completed.
Lumon has been owned by Pollen Street since 2013 and provides foreign exchange services to consumers and businesses. A combination with Ebury would take place against a backdrop of consolidation across the foreign exchange sector. Under Pollen Street's ownership, Lumon has itself expanded through acquisitions, buying UK payments specialist Fiscal FX earlier in 2026 and Abacus FX in 2024.
Lumon was also among the parties that considered acquiring Argentex, a rival foreign exchange firm that ran into difficulty in 2025 following currency volatility linked to tariff measures announced by US President Donald Trump. Lumon later withdrew from that process, and Argentex was subsequently acquired by IFX Payments.
Expansion strategy ahead of a possible listing
The talks over Lumon follow a period of acquisitive activity at Ebury. The company acquired ArcaPay in September 2025, forming Ebury Partners Lithuania. Ebury has also raised approximately GBP 550 million from investors, including Santander and Centerbridge, in April 2026, funding intended to support expansion across products and geographic markets.
Following the fundraise, Santander's executive chair said the investment would allow Ebury to scale more quickly and broaden its offering for small and medium-sized enterprises globally. Ebury's chief executive and co-founder said the funding arrived at a time when artificial intelligence and digital payments infrastructure were providing supportive conditions for the business.
Ebury has long been considered a candidate for an initial public offering in London. However, the company has shelved immediate listing plans in favour of scaling its operations further, according to the announcement.
Should the acquisition proceed, it would add to a run of dealmaking in the European foreign exchange sector, where scale and product breadth have become a competitive factor for firms serving small and medium-sized business clients. For Ebury, a deal would extend its footprint in foreign exchange services ahead of any renewed consideration of a public listing.
