France based banking startup Ibanfirst has raised $11m in venture funding led by investor Xavier Niel. Ibanfirst provides better exchange rates and smaller fees so that you end up paying less to change money. So far, Ibanfirst has managed more than €1 billion in transactions across 100,000 transfers for 1,000 clients
French startup Ibanfirst is launching its full-fledged banking service for companies. The startup was previously known as FX4BIZ, a sort of TransferWise for business transactions. The company just raised $11 million (€10 million) from Xavier Niel and others. Ibanfirst plans to go much further than being a foreign exchange service. The initial idea behind Ibanfirst is quite simple. Many companies work with clients and suppliers in multiple currencies. But corporate banks tend to be very expensive when it comes to converting money and making a transfer to a foreign bank account. Ibanfirst provides better exchange rates and smaller fees so that you end up paying less to change money. So far, Ibanfirst has managed more than €1 billion in transactions across 100,000 transfers for 1,000 clients.
