The injection of cash comes two years after the company first raised €10 million in funds from Xaviel Niel.
iBanFirst, a French startup that provides foreign exchange (FX) services, announced on Thursday that it has secured €15 million ($17 million) in funding. This comes from a long-standing investor as well as venture capital funds Serena, which led the funding round, and Breega.
The injection of cash comes two years after the company first raised €10 million in funds from Xaviel Niel. With the most recent funding, iBanFirst plans to invest in research and development, launch new services and increase its presence globally.
What is iBanFirst?
So what does iBanFirst do? Well, the firm aims to solve a very specific problem for companies - making currency conversion as easy as possible. This is especially useful for firms that have suppliers across the world and need to pay invoices in different currencies.
iBanFirst allows its customers to send money from their corporate account to their iBanFirst account. Here, they can convert and hold funds in 28 currencies. The company shows its customers the interbank exchange rate and how many fees they’ll incur, with the company stating its customers save up to 70 percent in Forex costs.
Commenting on the cash injection, Pierre-Antoine Dusoulier, the Founder of iBanFirst said: "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 the near future, we will provide access to new currencies, debt financing, cash investments and even more sophisticated forward exchange solutions."
The company was established in 2013, originally as FX4BIZ, before changing its name in 2016. The company caters to clients who transfer a minimum of €100,000 per year. At present, it has 100 employees and more than 2,000 clients.
iBanFirst, a French startup that provides foreign exchange (FX) services, announced on Thursday that it has secured €15 million ($17 million) in funding. This comes from a long-standing investor as well as venture capital funds Serena, which led the funding round, and Breega.
The injection of cash comes two years after the company first raised €10 million in funds from Xaviel Niel. With the most recent funding, iBanFirst plans to invest in research and development, launch new services and increase its presence globally.
What is iBanFirst?
So what does iBanFirst do? Well, the firm aims to solve a very specific problem for companies - making currency conversion as easy as possible. This is especially useful for firms that have suppliers across the world and need to pay invoices in different currencies.
iBanFirst allows its customers to send money from their corporate account to their iBanFirst account. Here, they can convert and hold funds in 28 currencies. The company shows its customers the interbank exchange rate and how many fees they’ll incur, with the company stating its customers save up to 70 percent in Forex costs.
Commenting on the cash injection, Pierre-Antoine Dusoulier, the Founder of iBanFirst said: "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 the near future, we will provide access to new currencies, debt financing, cash investments and even more sophisticated forward exchange solutions."
The company was established in 2013, originally as FX4BIZ, before changing its name in 2016. The company caters to clients who transfer a minimum of €100,000 per year. At present, it has 100 employees and more than 2,000 clients.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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