Global financial services platform iBanFirst recently confirmed the acquisition of the London-headquartered FX provider, Cornhill.
The strategic acquisition aims to further build on iBanFirst’s funding partnership with private equity company arlin Equity Partners, launched in June of last year.
As mentioned in the update, this key acquisition is testament to the firm’s sharp focus on accelerating its global expansion efforts, solidifying partnerships, and strengthening market leadership across European markets.
After the post-Brexit transition, UK and EU based customers are becoming more dependent on industry partners who have a solid footing on both sides of the Channel.
The acquisition represents a key opportunity for iBanFirst to further expand its global presence and extend its European PSP license to the United Kingdom.
Pierre-Antoine Dusoulier, CEO at iBanFirst, stated:
“Following regulatory approval, our acquisition of London-based foreign exchange (FX) provider, Cornhill, will strengthen iBanFirst’s value proposition to SMEs, simplifying GBP exchanges in a post-Brexit context, and offering Cornhill clients access to its state-of-the-art cross-border technology.”
“We’re really impressed by the quality of service that Cornhill provides. Our success is driven by partnering with like-minded businesses that have the same values as us. Cornhill’s business model fits perfectly within our philosophy at iBanFirst, where we believe in cross-border cooperation and first-rate client service. The acquisition supports our ambition to become a global leader in multi currency payments for SMBs. Our arrival in the UK represents a key milestone and marks our presence in 10 countries. In the future, we plan to continue growing across Europe turning our attention to Switzerland, Scandinavia and North America.”
Vivek Savani, Executive Director of iBanFirst UK said:
“We’re proud and eager to be joining iBanFirst. The pandemic has underlined the importance of digitizing payment processes and combining strong FX risk management with technological know-how. After considering various options, iBanFirst’s innovative platform and technological expertise is the best solution to meet the needs of our clients and the British market as a whole. The acquisition will enable our clients to benefit from an enhanced cross-border experience with features like the Payment Tracker, to trace payments the same way consumers can track parcels.”