iBanFirst, a leading global provider of foreign exchange and international payments for businesses, has completed over €2 billion in cross-border payments for businesses based in Central and Eastern Europe (CEE) within two years of entry into the regional market. The company, which has 13 operational offices across 10 European countries, has quickly established itself as a trusted partner for SMEs in the CEE region, known for its high level of digitalization and early adoption of fintech services.
“iBanFirst took advantage of rapid digital transformation of companies in the CEE region. Our performance in this region highlights the dynamic growth of the business landscape, which fuels demand for cross-border payment solutions. We are happy to help entrepreneurs expand their businesses beyond their national borders with the help of our all-in-one digital solution financial services. Our local teams of experts are ready to provide them with all the support they need. they need to achieve their international objectives and meet any challenges that may arise along the way”said Johan Gabriels, regional director for South East Europe at iBanFirst.
French fintech iBanFirst enters the CEE with a first office in Romania
Romania, Hungary and Bulgaria are key markets
In 2021, iBanFirst opened its first offices in the CEE region, starting with local offices in Bucharest, Sofia and Budapest. The region’s combination of currencies and volatility, as well as the digital transformation of SMEs, have generated high transaction volumes for iBanFirst. The geopolitical and economic crisis has also contributed to growth, with trading companies seeking risk management services to mitigate currency fluctuations.
Romania, Hungary and Bulgaria are key markets for iBanFirst in the CEE region. Romania stands out as one of the company’s top three European markets in terms of revenue generation and new customer onboarding rate. Bulgaria, on the other hand, has the highest transaction volume per customer as large companies adopt fintech solutions locally.
THE customer portfolio in the CEE region includes import-export companies operating in various sectors, such as automobile, agriculture, energy, IT, telecommunications, construction, wholesale and retail. Transactions carried out through the platform range from a few thousand euros to millions of euros, with regional companies mainly engaged in commercial activities with partners in the EU, China, USA and Turkey .
iBanFirst targets 500 million euros in international payments from Bulgarian companies in 2023
Next generation cross-border payment
iBanFirst offers regional businesses a next-generation cross-border payment service that combines the functionalities of a high-end digital platform with the support of local teams of FX (foreign exchange) experts. The platform’s key differentiators include open banking capabilities, allowing customers to centralize all financial operations on a single interface, and dedicated account managers who help customers use the platform and tailor products to their business needs.
iBanFirst appears in the Financial Times top 1,000 for the 5th consecutive year Europe’s Fastest Growing Companies. Recognized as one of the fastest growing companies by the Financial Times, iBanFirst processes over €1.4 billion in transactions every month and has onboarded over 1,000 corporate clients onto its platform.
In 2024, the company plans to expand further in the CEE region and improve its operating model to deliver a seamless end-to-end digital financial experience to its customers.
