iBanFirst raises $21m in Series C funding
Multi-currency exchange platform iBanFirst has raised $21 million in Series C funding.
The firm’s latest round saw participation from venture capital funds Elaia and Bpifrance. Both join French funds Serena and Breega, which first invested in iBanFirst in 2018.
IBanFirst allows its users to make cross-border payments in up to 30 currencies. The firm partners with local banks to provide the underlying infrastructure and to reduce costs.
Founded in Paris in 2013, the company is headquartered in Belgium with operations in France, the Netherlands and Germany.
It secured $17 million in funding back in November 2018, and used the money to make two acquisitions at the end of 2019: Dutch company Nederlandsche Betaal & Wisselmaatschappij and Berlin-based Forexfix.
The firm claims that it has experienced a tripling in the volume of its payment transactions, and three-figure revenue growth.
“The fintech sector, and especially the international payments sector, is on course to becoming one of the clear winners of this crisis period,” says Xavier Lazarus, managing partner at Elaia.
This is why we are both proud and delighted to support iBanFirst in its international growth and in the development of a leading pan- European digital platform.”
Pierre-Antoine Dusoulier, CEO and founder of iBanFirst, says the funding is a “decisive step” towards achieving maturity as a company.
“To support companies in their international growth, we will strive to offer transactions that are increasingly straightforward, secure and transparent, within a network nurturing mutual trust.”