iBanFirst
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.
- Company typePrivate
- Founded2016
- HeadquartersBrussels, Belgium
- Headcount251–500
- GTM typeB2B
- OfferingServices
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.
iBanFirst firmographics
Firmographics- 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
iBanFirst industry classification
Industry- 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
Where iBanFirst is headquartered
LocationHeadquarters
- HQ city
- Brussels
- HQ country
- Belgium
- HQ region
- Europe
Offices14 records
Markets served
iBanFirst business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Hybrid | Pay-as-you-go | No-fee account opening and no monthly subscription |
| Unit Pricing | Pay-as-you-go | Forward Payment Contract minimums |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels11 records
iBanFirst product offering
Product offeringCore 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
Companies that use iBanFirst
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles2 records
iBanFirst technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration17 records
AI capability6 records
Feature6 records
iBanFirst partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor, core and major.
- SeedBlinkminoriBanFirst 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)coreiBanFirst 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)majoriBanFirst acquired German competitor Forexfix in December 2019 as part of its Central European expansion strategy.
- NBWM (acquired)majoriBanFirst acquired NBWM (November 2019) to accelerate international expansion, particularly in Central and Eastern European markets.
Scale indicators9 records
Recent moves7 records
Expansion highlights7 records
iBanFirst competitors and assessment
Company assessmentDirect 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
iBanFirst social profiles
Digital presenceiBanFirst compliance and trust
Trust signalCompliance10 records
iBanFirst financial estimates
Financial estimateRevenue estimate
Valuation estimate
iBanFirst leadership team
Management profileNumber of profiles
Profiles8 records
iBanFirst subsidiaries and ownership
Company hierarchySubsidiaries3 records
iBanFirst funding detail
Funding detailFunding overview
Funding rounds3 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
iBanFirst M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about iBanFirst
What does iBanFirst do?
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.
Is iBanFirst a public or private company?
iBanFirst is a private company. It is classified as venture growth investor backed and is currently operating.
When was iBanFirst founded?
iBanFirst was founded in 2016. It employs 251 to 500 people.
Where is iBanFirst based?
iBanFirst is headquartered in Brussels, Belgium, in the Europe region.
How does iBanFirst make money?
Two revenue lines are on record. FX Spread / Currency Conversion is the primary driver. The others are forward Payment Contracts.
Who are iBanFirst's main competitors?
Direct peers on record are Currencycloud, WorldFirst, Nium, Banking Circle, Ebury, Wise, Revolut Business, Airwallex and OFX. Payoneer is listed as a broad incumbent.
Does iBanFirst have an API?
Yes. The iBanFirst REST API covers all main tasks for automating accounts payable processes: submitting payments, getting real-time FX quotes, executing spot transactions, opening accounts autonomously, creating beneficiaries, retrieving financial history, and uploading invoices. The PSD2 API supports both Account Information (AIS) and Payment Initiation Services (PIS), certified with exemption from fallback mechanism under PSD2, based on OAuth2.0 redirect authentication. Free for clients under PSD2 regulations. API also supports EBICS 2.4 and 3.0, Isabel 6, and SwiftNet connectivity. Developer documentation is at docs.ibanfirst.com.
What industry is iBanFirst in?
iBanFirst's product category is Cross-Border B2B Payments. Its primary akta.pro industry code is FSAMAIAG, Multi-Currency Accounts, Wallets & IBAN Services, with a secondary code of FSAGABAK, Cross-Border FX, Multi-Currency & Treasury for Payments. Its NAICS code is 522320 and its SIC code is 6099.