- Firm gains cash from three venture capitalists
- It has thousands of clients in place already
- Aim is for iBanFirst to become a “European leader”, says investor
A major global payment specialist has secured €15 million in venture capital cash. iBanFirst, which raised €10m in a previous round, has now secured extra cash from Xaviel Niel.
The remainder of the €15m figure will come from two other VC investors, Breega and Serena. IBanFirst was founded in 2013, and since then has become a respected provider of financial services.
Its features include an information flow based around the “Straight Through Processing” principle, as well as an applied overseas transfer rates feed which updates immediately.
The company’s founder, Pierre-Antoine Dusoulier, pointed out that the firm has thousands of clients, suggesting it has already performed well in money transfer comparison projects.
“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”, he said.
“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.”
A statement from Breega’s co-founder Ben Marrel said that the firm had its sights on iBanFirst becoming a “European leader”.
“Few startups see the full range of possibilities provided by the PSD2 regulatory change. As with telecoms and energy at the time, it is now possible to build an incomparable value proposition above the banking infrastructure”, he said.
“This is what iBanFirst is developing with its metabank vision for global corporations and this is why we are happy to take part in the adventure. We are all excited about achieving the common goal of building a European leader!”
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