Brussels-based fintech startup iBanFirst has raised a €21 million Series C round, led by Elaia and Bpifrance Large Venture, to expand its financial services platform for SMEs. Specifically the platform enables B2B payments in multiple currencies.
“The fintech sector, and especially the international payments sector, is on course to becoming one of the clear winners of this crisis period. While the bulk of the market remains in the hands of offline historical players, their quality of service and transaction costs are increasingly challenged,” said Xavier Lazarus, managing partner at Elaia. “This is why we are both proud and delighted to support iBanFirst in its international growth and in the development of a leading pan- European digital platform.”
Founded in Paris in 2013, the company is headquartered in Belgium with operations in France, the Netherlands and Germany. With the help of a €17 million funding round almost two years ago, the business expanded and made two acquisitions at the end of 2019: Dutch company Nederlandsche Betaal & Wisselmaatschappij and Berlin-based Forexfix. In a press release, iBanFirst reports the volume of payment transactions has almost tripled, with a year-on-year increase averaging 180 percent this past March.
The latest funding will fuel further international expansion and also a few pointed product developments, such as a secure payment tracker as well as additional open banking (AISP) and import lending services.