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iBanFirst raises $17 million to help companies move money around the world

French startup iBanFirst is raising another $17 million (€15 million) from Serena Capital and Breega Capital, with existing investor Xavier Niel putting in more cash, as well.

iBanFirst solves a very accurate problem. If you operate a company that works with suppliers all over the world, chances are you waste a ton of cash exchanging and sending cash. iBanFirst wants to make currency conversion as simple as transferring cash from your savings account to your current account.

You first send cash from your corporate bank account to your iBanFirst account. You can then convert and hold cash in 28 currencies. iBanFirst shows you the interbank exchange rate and how many fees you’ll pay. But you’ll likely pay route less than using your traditional bank account.

With 100 employees and 2,000 clients, iBanFirst now focuses on clients who transfer at least €100,000 per year. “We’ve already done a €50 million transfer,” iBanFirst founder and CEO Pierre-Antoine Dusoulier told me.

After that, you can send cash to a client, a supplier, a partner, etc. It’ll look like a local transfer and you’ll save cash on fees.

Many companies already do that. But iBanFirst goes one stride further by giving you banking information for each currency. If you’re an ibanfirst customer, you can share a turkish IBAN, an american account number or Chinese banking details. It’s easier to get paid from all your clients.

With your French IBAN, the startup is doing something exclusive. “We realized that some IBANs had a letter here and there,” Dusoulier said. “We named
fast, and they told us that we could put whatever we wanted for 10 characters.”

iBanFirst took benefit of that to create a sort of domain names for IBANs. If you want, you can put your company name in your banking information.

The company wants to add more currencies and more features. Thanks to the upcoming European regulation, you could imagine connecting to your constant corporate account from the iBanFirst interface to initiate a transfer. That would be much more straightforward than transferring cash to iBanFirst before using it.

Source
TechCrunch
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