- iBanFirst has raised $23.8 million fund in Series C round
- The startup has the annual revenue of $20 million
- You can now pay and get paid in 30 currencies
French Startup iBanFirst
iBanFirst is a French startup company. In the Series C round from the Elaia and Bpifrance’s Large Venture fund, iBanFirst has raised approximately $23.8 million. Early investors like Serena, Breega and Xavier Niel also have taken part in this round. The startup will let you pay the suppliers and get paid by your clients across the world. You can pay and get paid in various currencies.
Before the COVID-19 pandemic, the startup was in the process to raise the fund round. The top investor dropped its deal at the final moment. However, Elaia came to at that moment to replace the leader.
According to a source, the startup is performing pretty well with nearly $20 million revenue per year. The startup has reported that the payment volume has become tripled between 2019 and 2020.
How Is iBanFirst Solving Currencies Problem?
TransferWise is a company that helps freelancers and people to move and send across the world. Similarly, iBanFirst is doing its work, but it is solving the issue for medium and small companies.
After creating an account on the iBanFirst, you can make payments in thirty currencies. This startup has built a partnership with the local banking systems. So, you can pay lesser compared with your existing corporate bank system. After that, you can easily transfer money to any local bank account within your country.
The French startup is trying to be as transparent as it is possible to be when it is about the fees. You can observe the exchange rate. In this way, you can send the exact amount of money to your suppliers.
While getting paid, the iBanFirst will provide you your banking data in thirty different currencies. You can share an American account number, a Chinese banking, or a Turkish IBAN with the name of your company on it.