In the latest development, iBanFirst, a global financial services provider has raised €21 million in a Series C round from Elaia and Bpifrance’s Large Venture fund. Previous investors including Serena and Breega, Xavier Niel, also participated in the funding round. In total, the startup has raised €46 million to date.
Pierre-Antoine Dusoulier, CEO and Founder of iBanfirst, said: “Elaia and Bpifrance, notably through its Large Venture fund, are two major players in French venture capital and their ability to support the entrepreneurs and companies they invest in is well established. This is a decisive step towards achieving maturity as a company and pursuing our goal of becoming the leading platform for B2B multi currency financial services. While continuing to deliver technological solutions that improve user experience, we will keep expanding our SME and mid-tier offerings. 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.”
The French company will utilise the funding to accelerate international expansion and product developments including secure payment tracker as well as additional open banking (AISP) and import lending services.
Tripled payment transactions!
According to the company claims, iBanFirst, since its last funding, has significantly developed its footprint in Europe, with the acquisition of Dutch and German competitors NBWM and Forexfix at the end of 2019. Notably, the volume of payment transactions has almost tripled, with a year-on-year increase averaging 180% in March 2020, which, in turn, has led to three-figure revenue growth as well. As a result, the company’s staff numbers have also expanded, from 16 employees in 2016 to 180 employees in 2020.
Leader in B2B payment services!
Founded in 2013 by Pierre Antoine Dusoulier, iBanFirst boasts its core banking infrastructure, making it a leader in B2B payment services and giving it a competitive advantage in the roll-out of its technological roadmap. This includes the forthcoming launch of a new payment tracker, as well as additional open banking (AISP) and import lending services.
Damien Launoy of Bpifrance Large Venture said: “Bpifrance collaborates daily with the SMEs and mid-tier companies that iBanFirst caters for, and we are fully confident that such companies have an increasing need for improved services when it comes to international payments and currency exchange. These needs are all the more palpable in such uncertain times and will be in the months to follow when these companies will have to resume or intensify trade with the greatest possible ease and flexibility.
4000 customers across Europe!
iBanFirst is a French company headquartered in Belgium, with operations in France, the Netherlands, and Germany. It is regulated as a payment institution passported throughout the European Union and serves more than 4000 customers all over Europe.
Main image credits: iBanFirst
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