French startup Ibanfirst plans to launch its full-size banking services designed for corporations. The startup formerly referred to as FX4BIZ, a form
French startup Ibanfirst plans to launch its full-size banking services designed for corporations. The startup formerly referred to as FX4BIZ, a form of TrqnsferWise meant for commercial transactions. It recently sourced for 11 million dollars (equivalent to 10 m Euros) from Xavier Neil among others. Ibanfirts intends to provide more than Forex services.
The original concept behind Ibanfirst is pretty simple. Many firms deal with customers and suppliers using several currencies. However, foreign financial institutions tend to charge extremely high prices to convert money from one currency to another and to transfer to an overseas bank account.
Ibanfirst offers not only better exchange rates but also reduced fees, and as such you end up paying less to convert money. To date, Ibanfirst has managed over 1 billion euros in transactions in 100,000 transfers for 1000 customers.
The foreign exchange service provision was, nonetheless, the first step. Currently, companies can abandon their business bank accounts entirely. Ibanfirst is a licensed banker in Belgium and as such is certified to operate in the EU. Withing minutes, you can come up with a bank account on its site and even get an IBAN.
After that, you’ll be in a position to quickly receive payments in foreign currencies after giving your IBAN to your customers and suppliers. Creating an Ibanfirst account free the company only charges you exchange among other fees. Ibanfirst’s ambition is to be more competitive compared to traditional banks by charging lower fees.
Finally, Ibanfirst has plans to introduce several other services in addition to these central banking features; the company is primarily planning to team with other fintech firms.
In the coming years, you can expect integrations with transactions processors, debit cards, factory services and much more. Ibanfirst already possesses an API that can enable you to integrate the firm’s services with many other services. In several ways, Ibanfirst’s methodology makes me remember N26’s fintech software approach. Even though it is still the start of this method, chances of it becoming the best option for corporations operating in the EU are very high.