iBanFirst

What iBanFirst does

iBanFirst is a Brussels-headquartered fintech that operates a regulated cross-border payments and currency exchange platform for European small and medium-sized businesses with annual FX volumes above €200,000. The platform, built entirely in-house, supports multi-currency accounts in 25+ currencies (with local IBANs in Belgium, France, Germany, the Netherlands, the UK, and the US), SWIFT and SEPA payments to 180+ countries in 135+ currencies, and deliverable forward payment contracts (fixed, flexible, and dynamic) with up to 24-month maturity. It is authorised as a payment institution by the National Bank of Belgium with AISP and PISP accreditation, holds SWIFT and SEPA direct membership, and added FCA EMI authorisation in the UK in March 2025.

The company's revenue is generated primarily through a transparent spread applied to every currency conversion and forward contract execution, with no account opening or monthly subscription fees. Distribution combines a digital self-serve platform (localised in nine languages), dedicated FX account managers offered to every client, and a partner programme for accountants and financial advisors, supplemented by deep integrations with ERP, treasury, and accounting systems (SAP, Kyriba, Cegid, Odoo, Sage, Agicap) via REST API, PSD2 Open Banking, EBICS, Isabel 6, and SwiftNet. Recent product additions include the iBanPay AI invoice assistant (October 2025) and a Claude MCP for Excel treasury integration (June 2026).

iBanFirst was founded in 2016 and scaled through three acquisitions (NBWM and Forexfix in 2019, Cornhill in 2022) and major capital injections including a €21 million Series C in June 2020 and a $243 million partnership with Marlin Equity Partners in May 2021. The company employs 350+ people across 15 offices in 12 European countries, serves 10,000+ corporate customers, processes €2.5 billion in transactions per month, and reported its first full year of profitability in 2024 with €65 million in revenue and a stated €100 million ARR target.

Name

iBanFirst

Legal name

iBanFirst S.A.

Website

https://ibanfirst.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

251–500 employees

Short description

iBanFirst is a Brussels-based, FCA- and NBB-regulated fintech that provides European SMBs with multi-currency accounts, cross-border payments in 135+ currencies, and FX risk management across 180+ countries. It serves 10,000+ businesses via its proprietary platform and generated €65 million of revenue in 2024.

Ownership category

akta.pro rank

Product category

Cross-Border B2B Payments

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

akta.pro secondary industry

Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK)

Keywords

• Cross-border payments
• Multi-currency accounts
• FX risk management
• B2B payment services
• Foreign exchange platform

Headquarters

HQ city

Brussels

HQ country

Belgium

HQ region

Europe

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. FX Spread / Currency Conversion: iBanFirst earns a transparent spread on every currency conversion, calculated as the difference between the interbank market rate and the client rate. This spread is displayed on the platform or communicated over the phone. No account opening fees, no monthly subscription fees. The company achieved its first full year of profitability in 2024 with €65 million in revenues.
2. Forward Payment Contracts: Revenue is earned through the spread applied when forward payment contracts are executed. Contract sizes have minimums of €5,000 (fixed) and €15,000 (flexible).

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels11 records

Core offering

iBanFirst is a regulated fintech payment institution that provides SMBs with multi-currency business accounts (25+ currencies held, 135+ currencies for payments), cross-border payments to 180+ countries via SWIFT/SEPA, real-time international payment tracking, and FX risk management via deliverable forward contracts. Revenue is earned primarily through transparent FX spreads on currency conversions and forward contract execution, with no account opening or monthly subscription fees.

Product overview

iBanFirst is a fintech company offering a unified cross-border payments platform designed for SMEs operating internationally. The platform combines a cloud-based core system (iBanFirst Platform) with multiple specialized modules: Augmented Currency Accounts for multi-currency holding (25+ currencies with local IBANs), Cross-border Payments for SWIFT/SEPA international transfers (180+ countries, 135+ currencies), International Payment Tracking for real-time SWIFT visibility, and Currency Risk Management featuring fixed, flexible, and dynamic forward payment contracts (up to 24 months). Add-on tools include iBanPay (AI invoice automation), Claude MCP for Excel (AI-powered treasury data integration via Claude), the FX Risk Management Simulator, Savings Calculator, iBanChecker (IBAN validation), and the Currency Reference Centre. Solutions are also offered as sub-brands targeting specific use cases (Pay Suppliers Abroad, Get Paid in Foreign Currency, Manage Intercompany Flows, Manage International Investments, Reconcile Payments). The platform is complemented by a REST API for developer automation and a PSD2 API for open banking. iBanFirst operates as a regulated payment institution under the National Bank of Belgium with additional UK EMI authorization.

Differentiator

Problem solved

Functional benefit

Brands

• iBanFirst Payment Tracker: Real-time international SWIFT payment tracking service for both payers and beneficiaries.
• iBanPay
• Claude MCP for Excel

Products and services

• iBanFirst Platform

Quantifiable outcome

• 10,000+ companies use iBanFirst for cross-border transactions
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration17 records

AI capability6 records

Feature6 records

Partnerships

Four partnerships are on record, tiered minor, core and major.

• SeedBlinkminorStrategic or Co-development Partner · 1 August 2024iBanFirst partnered with SeedBlink to streamline multi-currency fundraising for startups, cutting investor onboarding from 10 days to a few hours. This partnership enables startups to manage multilingual, multi-currency investment flows efficiently through the iBanFirst platform.
• Cornhill (acquired)coreStrategic or Co-development Partner · 1 June 2022iBanFirst acquired Cornhill, a London-based FX provider, in November 2022. The acquisition, backed by a €100 million war chest, was designed to expand iBanFirst's multi-currency payment services in the UK and Europe, addressing Brexit-related payment challenges for UK SMEs and strengthening cross-border transaction capabilities. Cornhill's UK presence and FCA authorisation provided iBanFirst with a platform to serve the UK market.
• Forexfix (acquired)majorStrategic or Co-development Partner · 1 December 2019iBanFirst acquired German competitor Forexfix in December 2019 as part of its Central European expansion strategy.
• NBWM (acquired)majorStrategic or Co-development Partner · 1 November 2019iBanFirst acquired NBWM (November 2019) to accelerate international expansion, particularly in Central and Eastern European markets.

Scale indicators9 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Currencycloud: Currencycloud (Visa-owned) provides cross-border payment APIs for platforms and businesses; competes with iBanFirst on FX infrastructure and BaaS-style embedded offerings.
• WorldFirst: WorldFirst (Ant Group) provides multi-currency accounts and cross-border payments for SMBs and marketplaces; overlapping product set, regulatory licensure (UK EMI), and SMB target customers.
• Nium: Nium provides B2B cross-border payments infrastructure via APIs — overlapping with iBanFirst's REST API and embedded treasury capabilities for the same SMB and mid-market customer base.
• Banking Circle: Banking Circle offers cross-border payments and FX services to banks, fintechs, and corporates; directly comparable to iBanFirst's payment institution model and infrastructure-level approach.
• Ebury: Ebury is a UK-headquartered fintech providing cross-border payments, FX, and trade finance to SMBs and mid-market businesses — the most direct SMB-FX-focused competitor to iBanFirst in Europe with a near-identical customer segment.
• Wise: Wise (formerly TransferWise) operates multi-currency accounts and cross-border payments at consumer and SMB scale; Wise Business is a direct competitor in iBanFirst's core SMB cross-border market.
• Revolut Business: Revolut Business provides multi-currency accounts, international payments, and FX services to SMBs, directly competing with iBanFirst in the European mid-market with much greater brand recognition.
• Airwallex: Airwallex offers business accounts, multi-currency wallets, and cross-border payments for SMBs and enterprises; fast-growing peer that directly competes in iBanFirst's space, particularly for APAC and emerging-market corridors.
• OFX: OFX provides international money transfers and FX risk management for businesses and individuals — direct competitor in cross-border payments and forward FX contracts with established enterprise customer base.

Broad incumbents

• Payoneer: Payoneer provides multi-currency accounts and cross-border payments to SMBs, freelancers, and marketplaces; broader incumbent with more diversified payment products but overlapping B2B cross-border customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/iBanFirst_EN
• YouTubeyoutube.com/channel/UC75gB3H0uUvKd4L1k8W_dhg
• LinkedInlinkedin.com/company/ibanfirst
• Instagraminstagram.com/iban1st
• Facebookfacebook.com/IbanFirstOfficial

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about iBanFirst