iBanFirst lets you pay suppliers and get paid by clients all around the world in dozens of currencies.
The French startup has raised a $23.8 million (€21 million) Series C round from Elaia and Bpifrance’s Large Venture fund. Previous investors include Serena, Breega and Xavier Niel — Serena and Breega also participated in today’s funding round. iBanFirst was in the process of raising its funding round before the coronavirus pandemic. The lead investor dropped the deal at the last minute. But Elaia stepped in to replace the previous lead investor and submitted a term sheet just a few weeks later.
According to a source, the company has been doing well, with close to $20 million in annual revenue; iBanFirst says its payment volume tripled between March 2019 and March 2020.
Just like TransferWise is helping people and freelancers move money around the world, iBanFirst is solving a similar issue but for small and medium companies.
The company now has 180 employees and 4,000 customers across Europe. In total, the startup has raised $52.2 million (€46 million).