IBANfirst is a platform that makes international payments and exchange rates more accessible for businesses

Country: France/Belgium
Year: 2012

Concept 

  • Ibanfirst was founded under the name FX4Biz and was at first a multi-currency platform. It was re-launched in October 2016 as a banking platform for Financial Services
  • It obtained its banking license in Belgium and can now operate in the European Union
  • The startup is an online multi-currency platform that works as a Banking as a Service (BaaS) to SMEs and claims to be an alternative to banks.
  • It simplifies financial transactions for SMEs that work with clients and suppliers in multiple currencies
  • Ibanfirst bills the exchanges, but offers lower fees than traditional banks
  • Ibanfirst has already managed more than €1 billion in transactions for 1,000 clients
  • It raised $11 million in October 2016 from Xavier Niel, the founder of Free and others
  • The startup has other plans for its platform and will soon add other banking services (payment processors, factoring services, debit card, mobile app,…)

Consumer Benefits

  • Quick account opening: takes just a few minutes for an online account
  • International: the user can easily carry out international operations in different currencies through the online platform
  • Cost-efficient: Ibanfirst offers better exchanger rates and lower fees than traditional banks

How It Works

  • Open a free account online in few minutes
  • Receive the IBAN and accept/make payments in foreign currencies by sharing the IBAN with the clients and suppliers