iBanFirst raises 15 million euros from Xavier Niel and venture capital funds Serena and Breega to become the European leader in financial services for companies with global operations
In an increasingly complex environment, corporations are struggling to master their global financial transactions.
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. 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.
By raising 15 million euros, iBanFirst has become the leading financial service platform in all areas.
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 R&D, 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 and PISP, 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.
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 2,500 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.’
He continued: ‘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.’
1. PSD2 approval for account information.
2. PSD2 approval for payment initiation.
Rumeur Publique Agency
PARIS, November 19, 2018 /PRNewswire/ —