iBanFirst provides a single online platform for SMEs and mid‑size enterprises to hold, receive, and send funds in multiple currencies, convert at transparent market‑linked rates, and manage FX risk with spot and forward contracts. The service offers instant internal transfers, same‑day SEPA settlements, and a centralized dashboard for real‑time visibility of balances, transactions, and currency exposure, with revenue generated from transparent conversion spreads.
Funding
$23.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
3OFounders
Product
Problem
Businesses that operate internationally often manage cross‑border payments and foreign‑exchange (FX) transactions through multiple banks and tools, leading to fragmented workflows, hidden fees, and exposure to currency risk.
Solution
iBanFirst offers a single online platform that lets companies hold, receive, and send funds in multiple currencies, convert currencies at transparent rates, and manage FX exposure with spot and forward contracts. The system provides real‑time visibility of exchange rates and fees, eliminating surprise costs. Payments between iBanFirst accounts are instantaneous, while SEPA euro transfers settle same‑day and other international payments typically arrive within 1‑3 business days. Users can access a dedicated account manager for FX strategy and support, and the platform is regulated as a payment institution, ensuring compliance and security.
Target Audience
Primary customers are SMEs and mid‑size enterprises with annual international payment volumes exceeding €200,000 that need efficient multi‑currency payment and FX management.
Features
- Multi‑currency accounts supporting 25 holding currencies and payments in over 135 currencies
- Instant internal transfers between iBanFirst accounts and same‑day SEPA euro settlements
- Spot FX conversions with transparent, market‑linked rates and a clear spread disclosed on the platform
- Deliverable forward, flexible forward, and dynamic forward contracts for FX risk management
- Dedicated account manager providing personalized FX strategy and support
- No account opening fees and no monthly subscription charges; revenue generated from conversion spreads
- Centralised dashboard for monitoring transactions, balances, and FX positions across entities