After creating an iBanFirst account, you can make cross-border payments in 30 currencies. iBanFirst lets you pay suppliers and get paid by clients all around the world in dozens of currencies. The startup partners with local banking partners so that you pay much less than what you’d pay with your existing corporate bank account. According to a source, the company has been doing well, with close to $20 million in annual revenue; iBanFirst says its payment volume tripled between March 2019 and March 2020. Your email address will not be published. You can share a Turkish IBAN, an American account number or Chinese banking details with your company’s name on them. With 100 employees and 2,000 clients, iBanFirst now focuses on clients who transfer at least €100,000 per year. Just like TransferWise is helping people and freelancers move money around the world, iBanFirst is solving a similar issue but for small and medium companies. Indeed, iBanFirst tries to be as transparent as possible when it comes to fees. Previous investors include Serena, Breega and Xavier Niel — Serena and Breega also participated in today’s funding round. You can open balances and hold money in multiple currencies in your account. iBanFirst was in the process of raising its funding round before the coronavirus pandemic. You first send money from your corporate bank account to your iBanFirst account.

That would be much more straightforward than transferring money to iBanFirst before using it. 2020. iBanFirst wants to make currency conversion as easy as transferring money from your savings account to your current account.

You can also aggregate your existing bank account on iBanFirst so that you can view all your accounts in the same dashboard.

French startup iBanFirst is raising another $17 million (€15 million) from Serena Capital and Breega Capital, with existing investor Xavier Niel putting in more money, as well. “We realized that some IBANs had a letter here and there,” Dusoulier said. You transfer money to a local account in your country, you exchange to another currency and you initiate a transfer from a local bank in your supplier’s country. According to a source, the company has been doing well with close to $20 million in annual revenue. But iBanFirst goes one step further by giving you banking information for each currency.

French startup iBanFirst has raised a $23.8 million (€21 million) Series C round from Elaia and Bpifrance’s Large Venture fund. iBanFirst now has 180 employees and 4,000 customers across Europe. If you’re an iBanFirst customer, you can share a Turkish IBAN, an American account number or Chinese banking details. It opens up a ton of possibilities as you can manage your exposure to foreign currencies, hedge risk and even lock forward contracts to get a predictable exchange rate in the future.

“We called SWIFT, and they told us that we could put whatever we wanted for 10 characters.”. Your client can then initiate a local bank transfer to your iBanFirst account to pay you. This way, your supplier gets paid the exact amount on the invoice. And it turns out that it creates a different set of challenges. TechCrunch iBanFirst lets you pay suppliers and get paid by clients all around the world in dozens of currencies. Everything is accessible through an API, which lets you initiate a payment in your usual tools. Your email address will not be published. French startup iBanFirst has raised a $23.8 million (€21 million) Series C round from Elaia and Bpifrance’s Large Venture fund. You can open balances and hold money in multiple currencies in your account. Previous investors include Serena, Breega and Xavier Niel — Serena and Breega also participated in today’s funding round. Just like TransferWise is helping people and freelancers move money around the world, iBanFirst is solving a similar issue but for small and medium companies. But iBanFirst doesn’t stop at initiating payments from your main currency. It’ll look like a local transfer and you’ll save money on fees. And it turns out that it creates a different set of challenges. In total, the startup has raised $52.2 million (€46 million). If you operate a company that works with suppliers all over the world, chances are you waste a ton of money exchanging and sending money. It’s easier to get paid from all your clients. After that, you can send money to a client, a supplier, a partner, etc.

by Romain Dillet | Jun 11, 2020 | News | 0 comments.

iBanFirst lets you pay suppliers and get paid by clients all around the world in dozens of currencies. For instance, you could pay your suppliers from your transportation management system (TMS) or enterprise resource planning system (ERP). After creating an iBanFirst account, you can make cross-border payments in 30 currencies. Many companies already do that.

iBanFirst shows you the interbank exchange rate and how many fees you’ll pay. As for getting paid, iBanFirst gives you your own banking information in 30 currencies. Everything is accessible through an API, which lets you initiate a payment in your usual tools. Required fields are marked *, Designed & Hosted By Top Technical Solutions LLC.



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