Brussels-based Fintech firm iBanFirst has secured €21 million in capital through a Series C round, which was led by Elaia and Bpifrance Large Venture.
The funds raised will be used to expand iBanFirst’s financial services platform for SMEs. The company mainly focuses on supporting B2B payments in several major currencies.
Xavier Lazarus, managing partner at Elaia, stated:
“The Fintech sector, and especially the international payments sector, is on course to becoming one of the clear winners of this crisis period. While the bulk of the market remains in the hands of offline [traditional] players, their quality of service and transaction costs are increasingly challenged,”
“This is why we … support iBanFirst in its international growth and in the development of a leading pan- European digital platform.”
Established in Paris in 2013, the Fintech firm maintains head offices in Belgium and business operations in France, Germany, and the Netherlands.
iBanFirst had acquired €17 million capital nearly two years back, and has expanded its business by making two key acquisitions toward the end of last year.
iBanFirst acquired Dutch firm Nederlandsche Betaal & Wisselmaatschappij and Berlin’s Forexfix.
The company claims that its total volume of payment transactions has grown by nearly 3x, with a year-on-year increase of about 180% this past March 2020.
The Fintech firm confirmed that the capital raised would be used for its international expansion, and to develop various products such as a secure payment tracker, and new open banking (AISP) and import lending services.
French Fintech firms secured $700 million in capital in 2019, according to a study by “Observatoire de la Fintech.”
Mikaël Ptachek, head of finance at Bizao, a Fintech platform helping the global online ecosystem use mobile operators payment services, said last year that these deals materialized “largely due to international investors who are involved in financing the most developed or internationalized projects.”