French startup iBanFirst has raised a $23.8 million (EUR21 million) Series C round from Elaia and Bpifrance’s Large Venture fund. Previous investors consist of Serena, Breega and Xavier Niel. iBanFirst lets you pay suppliers and get paid by clients all around the world in dozens
of currencies. iBanFirst remained in the process of raising its funding round before the coronavirus pandemic. The lead financier dropped the deal at the last minute. Elaia stepped in to change the previous lead investor and handed a term sheet just a few weeks later.
According to a source, the business has actually been succeeding with near $20 million in yearly revenue. iBanFirst says its payment volume tripled in between March 2019 and March 2020.
Much like TransferWise is assisting freelancers and people move cash around the globe, iBanFirst is resolving a comparable concern but for little and medium companies. And it turns out that it produces a different set of difficulties.
After producing an iBanFirst account, you can make cross-border payments in 30 currencies. The startup partners with regional banking partners so that you pay much less than what you ‘d pay with your existing corporate checking account. You move money to a regional account in your country, you exchange to another currency and you start a transfer from a regional bank in your provider’s country.
Whatever is available through an API, which lets you initiate a payment in your usual tools. For example, you might pay your suppliers from your transport management system (TMS) or business resource planning system (ERP). You can also aggregate your existing checking account on iBanFirst so that you can see all your accounts in the very same dashboard.
When it comes to charges, ibanfirst tries to be as transparent as possible. You can see the currency exchange rate in genuine time. In this manner, your supplier makes money the specific quantity on the invoice.
IBanFirst does not stop at initiating payments from your primary currency. You can hold and open balances cash in numerous currencies in your account. Sending out money from one iBanFirst account to another is instant. It opens up a lots of possibilities as you can manage your exposure to foreign currencies, hedge danger and even lock forward agreements to get a predictable currency exchange rate in the future.
As for getting paid, iBanFirst offers you your own banking information in 30 currencies. You can share a Turkish IBAN, an American account number or Chinese banking information with your company’s name on them. Your client can then initiate a regional bank transfer to your iBanFirst account to pay you.
iBanFirst now has 180 staff members and 3,000 consumers across Europe. In total, the start-up has raised $52.2 million (EUR46 million).
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.