Based in Belgium, iBanFirst is an online platform that enables SMEs to manage their foreign currency transactions and hedge against currency risk. The company, which claims to have processed €5 billion in payments in 2019, is now looking to expand its presence in Europe.
Financial services dedicated to international companies
Launched at the end of 2016 by Pierre-Antoine Dusoulier, former Managing Director of Saxo Bank in France, iBanFirst offers an international payments service for SMEs. Businesses can open a foreign currency account in a matter of minutes, whereas this process is time-consuming and expensive at banks. Unlike banks, iBanFirst offers highly competitive exchange rates in real time.
Operating in France and serving customers throughout Europe, the fintech enables financial teams to pay and receive payments in any currency, hedge their foreign exchange risk and finance their international development.
iBanFirst steps up its international expansion
In 2019, the financial services provider announced the acquisition of NBWM, the leading Dutch foreign exchange institution. The transaction, carried out in cash and shares, is worth several million euros. iBanFirst is banking on NBWM's customer portfolio, which recorded almost 2 billion transactions in 2019, compared with 1.5 billion the previous year. This acquisition should enable the Belgian company to develop new products. NBWM customers will be able to access all the platform's services (nominative IBAN statements, currency hedging solutions, etc.) while retaining the same contacts. iBanFirst's objective is to become the European leader in financial services for companies in France, Belgium and the Netherlands, as well as in other European countries.
After establishing a presence in the Netherlands, the fintech has announced the acquisition of Forexfix, a platform offering competitive rates for immediate and future foreign currency transfers. The German startup primarily targets SMEs operating abroad, offering them reduced exchange costs via rates calculated in real time using an API. Its customers, most of whom are based in Germany, Austria and Switzerland, will benefit from iBanFirst's services. In particular, they will be able to centralize their accounts on a unified interface, or link their accounting system to the platform to access a wider range of financial products such as dynamic forward exchange contracts.
With this second acquisition, announced last December, iBanFirst is further extending its geographical presence and demonstrating its ability to offer relevant international payment solutions to businesses. The fintech has set itself the target of winning 7,000 customers by 2020. Other players such as Western Union Business Solutions and Ebury also offer tools to facilitate transactions and the creation of bank accounts.