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iBanFirst targets more than €1bn in international payments from Romanian companies in 2023

  • In 2022, the company made €700 million worth of international payments for Romanian clients, representing a 300% increase compared to 2021, the first year of activity on the local market.

  • The main foreign trade partners of Romanian companies are from the EU, China and Turkey.

  • With 70% year-to-year international growth, iBanFirst has been included for the 4th consecutive year in the Financial Times Top 1,000 Europe Fastest Growing Companies.


iBanFirst, one of the largest international providers of foreign exchange and international payments for companies (PSP - Payment Service Provider), has made transactions worth over 700 million euros for Romanian companies in 2022. This year, in the context of growing demand for digital financial services and currency hedging solutions, the fintech targets to double its transaction volume, exceeding €1 billion.


We can definitely say that Romania is one of the most dynamic markets for us and a success story for the region. The local office is the first one to reach this volume of transactions after only one year of operations. It is a result both of the local team, which has a solid expertise in the FX market, but especially of Romanian companies, which in the context of a challenging year, with war in Ukraine and high inflation, not only demonstrated their resilience, but have been able to increase their business activities across borders", said Johan Gabriels, Regional Director iBanFirst.


In 2022, iBanFirst recorded a 300% increase in the number of Romanian companies using the platform, currently reaching 330 clients. On average, 30 new Romanian companies open accounts every month, mainly for international digital payment services and hedging solutions. Most of these companies deal with import-export activities and operate in the automotive, agriculture, IT and telecommunications, construction, and retail industries. The value of transactions carried out via the platform thus varies, depending on the profile of each client, from a few thousand euros to millions of euros.


During 2022, amidst the global challenges, risk management solutions experienced the highest dynamic, with a 100% quarter-on-quarter growth. Romanian companies involved in international trade turned to hedging tools to protect their profit margin from currency volatility caused by the geopolitical crisis.


"The accelerated adoption rate of our platform in 2022 highlights the need of Romanian companies to access fast, transparent, and cost-effective payment and foreign exchange services and currency hedging solutions in the current environment. We intend to strengthen our operations in the Romanian market by developing new capabilities and tailor-made solutions for local import-export companies. The medium-term plan is to transform the Bucharest office into a technology hub for Eastern Europe”, saidAlin Latu, Country Manager iBanFirst Romania.


Last November, iBanFirst also completed the acquisition of London-based foreign exchange provider Cornhill, simplifying GBP transfers (particularly post-Brexit) for Romanian companies with trading partners in the UK.


Also, The Financial Times included iBanFirst in its "FT 1000" ranking for the fourth consecutive year. This Financial Times award recognizes iBanFirst's long-standing robustness, having achieved over 70% yearly growth for the past 4 years. This growth is made possible thanks to iBanFirst's rising appeal to thousands of businesses while benefiting from a level of customer loyalty and recommendation (Net Promoting Score of 63) among the highest in its category (Bain 2022 study).


In 2022 iBanFirst continued its European expansion, reaching 13 operational offices in 10 countries (France, Belgium, the Netherlands, Germany, Romania, Bulgaria, Hungary, Italy, Spain, and the UK). The fintech trades more than €1.5 billion per month across all group-wide operations. iBanFirst's goal is to become the leader in B2B payments for continental Europe by 2025.


About iBanFirst

Founded in 2016, iBanFirst has quickly established itself as the leading alternative for businesses that trade and carry out payments internationally.

iBanFirst offers a next-generation cross-border payment experience that combines a powerful platform and the support of FX experts. With iBanFirst, executives and finance teams can get direct access to currency markets, receive, send and track payments in over 30 currencies, and develop tailored hedging strategies.

With more than 350 employees in 10 European countries, processing up to 1.5 billion transactions monthly, and listed by the Financial Times as one of Europe's fastest growing companies, iBanFirst became in less than 10 years a trusted partner for


SMEs across borders.

iBanFirst has the financial backing of the French public investment bank (bpiFrance), European venture capital leaders (Elaia, Xavier Niel), and the American investment fund Marlin Equity Partners (more than 8 billion dollars of capital under management).


Regulated by the National Bank of Belgium as a payment institution, iBanFirst is authorized to operate throughout the European Union. As a member of the SWIFT network and SEPA approved, iBanFirst has PSIC and PSIP licences under PSD2.