Business

iBanFirst raises $23.8 million for its financial services

iBanFirst raises $23.8 million for its financial services - Appy Pie

iBanFirst, a French startup, has raised a $23.8 million in a Series C round from Elaia and Bpifrance’s Large Venture fund. Previous investors Serena and Breega also participated in the funding round.

iBanFirst web platform combines a full range of financial products and services with a modern and robust core banking infrastructure to deliver the best quality of service.  iBanFirst is considered as a specialized platform for multi-currency transactions in Banking As A Service (BaaS) mode. The company lets one pay suppliers and gets paid by clients all around the world in many currencies.

As per the market figures the company has been performing well, with about USD 20 million as its annual revenue. iBanFirst payment volume tripled between March 2019 and March 2020. The company has not only now grown in revenue but even in numbers. It has about 180 employees and 4,000 customers across Europe. In total, the startup has raised $52.2 million. iBanFirst had started raising the funding even before the Covid-19 crisis.  Elaia had replaced the previous lead investor, who dropped the deal at the last minute.

iBanFirst fund transfer is available through an API and users can initiate payments in their tools. For instance like transportation management system (TMS) or enterprise resource planning system (ERP).

After having an account with iBanFirst, users are entitled to make any legal cross-border payments in about 30 currencies. It offers high speed, reliable payments in 150+ countries around the globe. The company has a partnership with local banks. The user can transfer money to a local account in his country, or make an exchange to another currency and can even initiate any money transfer from a local bank in his client’s country.

iBanFirst gives all banking information in 30 currencies. The user can open accounts in any currency, and connect existing bank accounts for a single view on all his accounts. Thus, the iBanFirst user will be able to aggregate his existing bank account and he can view all his accounts on the same dashboard.

Money transfer from one iBanFirst account to another account is instant and spontaneous. There are many possibilities for users as can they can manage foreign currencies, evade risk, and even get a predictable good exchange rate in the future.

iBanFirst seems to very clear and provides complete transparency when it comes to paying the fees for their services. Users can see the exchange rate in real-time. The user’s client gets paid the accurate amount mentioned on the invoice which is not the case with your existing corporate bank account.