iBanFirst managed to increase its European footprint with the acquisition of NBWM, one of the first foreign exchange start-ups in the Netherlands, boasting over 1,000 clients, according to a company report.
iBanFirst operates as a global financial services provider delivering solutions across banking borders. The move follows on the heels of a funding round late last year, which outlined its plans to increase its presence within continental Europe.
This stance was echoed by Dennis Malamatinas, Chairman of iBanFirst, who noted: “Taking over NBWM and establishing itself in the Netherlands falls within the scope of iBanFirst’s stated ambition to increase its geographical footprint in European.”
The acquisition will help NBWM’s existing and future clients, facilitating their ability to make cross-border payments, hedge foreign exchange risks, and finance their international growth.
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Indeed, “This acquisition represents a clear change of scale for iBanFirst as it will therefore process 5 billion euros in payments a year,” explained Mr. Malamatinas.
A deal was always potentially in the cards given the familiarity between the founders of both iBanFirst and NBWM. Both individuals have worked at Saxo Bank in the past, following divergent, if not parallel routes within Europe, albeit in France and the Netherlands, respectively.
“I have known PJ Datema and Peter Comstock for a long time. We have worked together at Saxo Bank and they started focusing on businesses’ international payment issues at the same time as us. And I was very impressed with what they have accomplished in the Netherlands. NBWM counts, in particular, highly skilled technical teams who have met the needs of very specialised clients,” noted Pierre-Antoine Dusoulier, CEO and Founder of iBanFirst.
Under the terms of the deal, both companies will operate under the iBanFirst brand with iBanFirst using NBWM’s Amsterdam office until the middle of 2020.
“The combination of technology and personal service is exactly what we have in common with iBanFirst and what makes it a perfect match. With the leading technology platform from iBanFirst our clients will benefit from the newest features in the field of payment transactions. Moreover, a wider range of products and financial services will become accessible to them.” explained Joost Derks, Director of NBWM, in a statement on the acquisition.