iBanFirst quickly established itself as a trusted partner for SMEs from Central and Eastern Europe, a region with high level of digitalisation and early adoption of fintech services
iBanFirst, a leading global provider of foreign exchange and international payments for businesses, has transacted over €2 billion in cross-border payments for Central and Eastern Europe (CEE) based companies within two years of entering the regional market. iBanFirst quickly established itself as a trusted partner for SMEs in a region that is characterised by a high level of digitalisation and early adoption of fintech services. The rise of fintechs offering, especially in international payments over the last 7 years, has translated into substantial savings for regional-based SMEs, exceeding €1 billion annually.
The international fintech has opened its first offices in the CEE in 2021, being currently present with local offices in Bucharest, Sofia, and Budapest. High trading volumes have been generated by the mix of currencies and volatility regime present in the region, as well as by the digital transformation of regional SMEs, early adopters of fintech services. The growth has also accelerated in the context of the geopolitical and economic crisis, which prompted trade companies to seek risk management services to mitigate their exposure to currency fluctuations. The fintech has onboarded more than 1,000 business clients onto its platform, empowering them to expand their businesses across borders through fast and cost-effective all-in-one digital financial services. On average, more than 50 SMEs from the CEE region open an account on the iBanFirst platform each month.
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In terms of market dynamics, all three markets find themselves positioned in the early majority phase of fintech adoption, with statistics showing that between 15% and 50% of the country’s SMEs collaborate with fintechs as a compelling alternative to conventional banking services. Due to its size, Romania stands out as one of the company’s top three European markets, both in terms of revenue generation and rate of new clients onboarded. Hungary is also among the leading markets while Bulgaria stands out as the market with the highest transaction volume per client as larger companies increasingly embrace fintech solutions locally.
iBanFirst’s client portfolio within the CEE region encompasses import-export companies operating in various sectors, from automotive, agriculture, energy, IT and telecommunications to construction, wholesale and retail. The value of transactions carried out via the platform can range from a few thousand euros to transactions worth millions of euros. Regional companies predominantly engage in trade activities with foreign partners from the EU, China, USA and Turkey.
„iBanFirst has leveraged the rapid digital transformation of businesses within the CEE region. Our performance in this region highlights the dynamic growth of the business landscape, which is fueling the demand for cross-border payment solutions. We are thrilled to help entrepreneurs expand their businesses beyond their national boundaries with the help of our all-in-one digital financial services. Our local teams of experts are ready to provide them with all the support they need in order to achieve their international goals and navigate all the challenges that may arise along the way”, said Johan Gabriels, Regional Director for South-East Europe at iBanFirst.
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iBanFirst offers regional businesses a next-generation cross-border payment service that combines the functionalities of a high-end digital platform with the support of local teams of FX experts. With iBanFirst, executives and finance teams gain direct access to currency markets, enabling them to send, receive, and track payments in over 30 currencies and develop tailored risk management strategies.
One of the platform’s key differentiators is the open banking capabilities, allowing clients to centralise all their financial operations on a single interface, from checking bank accounts, to initiating payments, and exchanging currencies. Additionally, each client enjoys the advantage of a dedicated account manager who assists them in using the platform and tailoring iBanFirst’s products to meet their business needs.
Despite ongoing uncertainties that continue to impact the business environment, iBanFirst maintains a positive outlook for the upcoming year. In 2024, the fintech plans to further expand its business in the region and shape an even more efficient and automated operational model, to provide a seamless end-to-end digital finance experience for its clients.
iBanFirst currently has 13 operational offices in 10 European countries (France, Belgium, the Netherlands, Germany, Romania, Bulgaria, Hungary, Italy, Spain, and the UK) and has been included for the 5th consecutive year in the Financial Times’ top 1,000 Europe’s Fastest Growing Companies. iBanFirst processes transactions worth over €1.4 billion per month across all group-wide operations.
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