iBanFirst raises 15 million euros from Xavier Niel and venture capital funds Serena and Breega
As a result of volatility, rising rates, currency wars, competitive devaluation and trade globalisation, corporations with global operations are faced with an increase in complexity. For example, from its lowest point in 2017 to its highest point in 2018, the euro appreciated by 20% against the dollar.
While price competitiveness is an essential asset, their financial operations must be under complete control with regard to currency risk insurance, management of transaction and exchange rate commissions, cash management, financing operations, or payments in any currency, etc.
These companies, which were historically supported by retail banks in this regard, are currently struggling to access global services for their financial operations.
Two years after it first raised 10 million euros in funds from Xaviel Niel, Ibanfirst has raised another 15 million euros in funds from its long-standing investor, as well as from the venture capital funds Serena (which led this transaction) and Breega. These funds will be used for research and development, launching new services and strengthening iBanFirst’s global presence.
Since its inception in 2013, iBanFirst has overcome all obstacles to payments and transfers of money in foreign currency and has become the leading financial service aggregator by getting the agreements AISP 1 and PISP 2 , which are essential for this type of business. Thanks to its platform, it currently combines technological, financial and regulatory expertise and a trusting relationship with big banks.
Specifically, everything is centralised on the same interface, its service is transparent (the client can access the applied real-time exchange rate), its prices are competitive (its clients save up to 70% in foreign exchange costs) and its services are global. In fact, its Straight Through Processing (STP) principle allows iBanFirst to process information flows continuously and automatically, with minimal human intervention, providing fluidity and reliability to its clients. The goal is to visualise all financial transactions at once.
According to Pierre-Antoine Dusoulier, Founder of iBanFirst:
With these new funds raised, the favourable context under PSD2, current market depth and cumulative data from 2500 clients and 20,000 suppliers worldwide, our potential for expansion is enormous. Our ambition is to constantly develop our platform with new services. We started in 2018 with our online hedging offer, guaranteeing a currency exchange rate, personalised IBANs, aggregation of external accounts, payment tracking with Swift GPI, etc.
In fact, there are no limits for us when it comes to revolutionising the financial universe of corporations. In the near future, we will provide access to new currencies, debt financing, cash investments and even more sophisticated forward exchange solutions.
Ben Marrel, Co-Founder of Breega, explained:
Few startups see the full range of possibilities provided by the PSD2 regulatory change. As with telecoms and energy at the time, it is now possible to build an incomparable value proposition above the banking infrastructure. This is what iBanFirst is developing with its metabank vision for global corporations and this is why we are happy to take part in the adventure. We are all excited about achieving the common goal of building a European leader!
iBanFirst is just at the beginning of its expansion and is already delivering significant value to its clients. With real-time price transparency, industry-leading features, and a flawless client experience, we are confident in the company’s ability to become a European leader in this market. The founder and his management team are experts in their field and are aiming to build a leading financial service provider for companies with global operations” concluded Bertrand Diard, Serena Venture Partner.
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International payments specialist iBanFirst raises another €15M of VC funding was first posted on November 15, 2018 at 12:31 pm.