iBanFirst raises $23.8 million for its borderless financial services – TipsClear

French startup iBanFirst has raised a $ 23.8 million (€ 21 million) series round from the Large Venture Fund of Elaia and Bpifence. Previous investors include Serena, Breega and Xavier Neil. iBanFirst You pay suppliers and are paid by customers worldwide in dozens of currencies.

iBanFirst was in the process of raising its funding round before the coronovirus epidemic. The lead investor dropped the deal at the last minute. But Elaya stepped in to replace the previous major investor and submitted a term sheet only a few weeks later.

According to one source, the company is doing well at close to $ 20 million in annual revenue. iBanFirst says its payment volume tripled between March 2019 and March 2020.

As Transfer Wise is helping people and freelancers are moving money around the world, iBanFirst is solving a similar issue but for small and medium companies. And it turns out that this creates a different set of challenges.

After creating an iBanFirst account, you can make cross-border payments in 30 currencies. Startup partners with local banking partners so that you pay far less than what you pay with your existing corporate bank account. You transfer money to a local account in your country, you exchange another currency and you initiate a transfer from a local bank to your supplier’s country.

Everything is accessible via an API, which lets you initiate payment in your common tool. For example, you can pay your suppliers with your transportation management system (TMS) or enterprise resource planning system (ERP). You can also add your existing bank account on iBanFirst so that you can view all your accounts in the same dashboard.

iBanFirst tries to be as transparent as possible when it comes to fees. You can see the exchange rate in real time. In this way, your supplier is paid the exact amount on the invoice.

But iBanFirst does not stop you from initiating payments with your main currency. You can open balance in your account in multiple currencies and keep money. Sending money from one iBanFirst account to another is instantaneous. This opens up a ton of possibilities because you can manage your exposure to foreign currencies, risk to get a projected exchange rate in the future, and even close further contracts.

To make payments, iBanFirst gives you your banking information in 30 currencies. You can share a Turkish IBAN, a US account number or Chinese banking details with your company name on them. Your customer can initiate a local bank transfer to their iBanFirst account to pay you.

iBanFirst now has 180 employees and 3,000 customers across Europe. In total, the startup has raised $ 52.2 million (€ 46 million).

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