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

Deniza Cristian 22/03/2023 | 12:13

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”, said Alin 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.

BR Magazine | Latest Issue

Download PDF or read online: May (I) 2023 Issue | Business Review Magazine

The May (I) 2023 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “MedLife BVB performance highlights potential of Romania’s emerging
Deniza Cristian | 17/05/2023 | 15:38

    You will receive a download link for the latest issue of Business Review Magazine in PDF format, based on the completion of the form below.

    I agree with the Privacy policy of business-review.eu

    I agree with the storage and handling of my data by business-review.eu

    Advertisement Advertisement
    Close ×

    We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

    Accept & continue