Business Forum • 11 July, 2024 at 4:27 PM
iBanFirst, a leading global provider of foreign exchange and international payments for businesses, has processed €660 million in international payments for Romanian trading companies in the first half of 2024, marking a substantial 203% increase compared to the same period last year. These results position Romania and the Central and Eastern Europe (CEE) as the market with the highest payment and trading volume growth for the iBanFirst Group in the first half of S1 2024.
The substantial growth in payment volumes during the first six months of 2024 was driven by the dynamic business activities of existing clients and the surge in import-export operations. The increase in trading volume has also driven a revenue growth of 106%, with the CEE market now contributing 40% of iBanFirst's overall revenue growth rate. iBanFirst's client base includes 565 business companies in Romania and 1300 companies across the region.
„Our exceptional growth in Romania underscores the sustained need for innovative financial solutions and is a testament to the trust our clients have placed in us. Romania is now one of our top European markets, with strong performance in key indicators such as growth rate, transaction volume, revenue, new client onboarding, and talent retention. We are dedicated to supporting Romanian trading companies in their international endeavors and remain committed to delivering unparalleled service and value,” said Johan Gabriels, Regional Director for South-East Europe at iBanFirst.
iBanFirst's mission is to help Romanian companies expand beyond borders by providing them with access to fast, transparent, and cost-effective cross-border payments and foreign exchange services, as well as the support of a team of 20 FX experts. The fintech's client base is diverse, including import-export companies across various sectors such as automotive, agriculture, energy, IT and telecommunications, construction, and retail.
The value of cross-border transactions carried out through the iBanFirst platform ranges from a few thousand euros to millions of euros. Moreover, the uncertain economic and geopolitical climate in recent years has led more companies to seek risk management solutions to protect against currency volatility. This shift has resulted in an increase in demand for hedging services, which have recorded a >20% year-over-year growth and now account for 35% of iBanFirst's revenues in the local market.
iBanFirst plans to further invest in the Romanian market by expanding its team in Bucharest, enhancing its technological capabilities, and launching new products tailored to the needs of local businesses.
iBanFirst has been listed for 5 consecutive years (2018 – 2023) in the Financial Times' top 1,000 Europe's Fastest Growing Companies. iBanFirst Group currently has 13 offices in 10 European countries (France, Belgium, the Netherlands, Germany, Romania, Bulgaria, Hungary, Italy, Spain, and the UK) as well as a white label business in Greece. The group processes transactions worth over €1.4 billion monthly.