iBanFirst provides borderless financial services that let businesses pay suppliers and get paid by clients in dozens of currencies. The platform supports payments in 30 currencies, offers local banking details in multiple countries, and lets customers open and hold multi-currency balances. Transactions and account activity are accessible via an API and can be initiated from ERP or TMS systems; iBanFirst also aggregates existing bank accounts into a single dashboard. The service partners with local banks to lower fees and shows real-time exchange rates, and it offers tools to manage FX exposure including forward contracts. The company reports close to $20 million in annual revenue, payment volume that tripled between March 2019 and March 2020, about 4,000 customers, and 180 employees. iBanFirst is a French fintech that helps businesses send, convert, and hold money in multiple currencies to reduce fees on cross-border transfers. Customers send funds from their corporate bank account to an iBanFirst account, where they can convert and hold balances in 28 currencies and see interbank exchange rates and fees. The platform lets users make transfers that appear as local payments and provides local banking details—in some currencies customers receive Turkish IBANs, U.S. account numbers, or Chinese banking information. For French IBANs the company enables customizable identifiers that can include a company name. iBanFirst has about 100 employees and serves roughly 2,000 clients, targeting customers who transfer at least €100,000 per year and has executed transfers as large as €50 million. The company plans to add more currencies and features, and expects to enable direct connections to corporate bank accounts under upcoming European regulation. Ibanfirst began as FX4BIZ and provides business-focused foreign-exchange and international payment services. The company has a banking license in Belgium and can issue IBANs so customers can open accounts in minutes and accept foreign-currency payments. Opening an Ibanfirst account is free; the company charges for exchanges and other services. To date it has processed more than €1 billion in transactions across 100,000 transfers for about 1,000 clients. Ibanfirst offers an API and plans integrations and partnerships with other fintechs to add payment processors, factoring, debit cards and additional services. The startup aims to replace costly corporate banking with lower-fee alternatives across the EU.

Total raised

$52M

Funding rounds

3

Latest round

Series C

Latest activity

Jun 2020