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iBanFirst: Fintech Growth in Central and Eastern Europe
iBanFirst has facilitated over €2 billion in cross-border payments for businesses in Central and Eastern Europe within just two years. With a strong focus on SMEs, the fintech firm is expanding in Romania, Bulgaria, and Hungary, leveraging digital transformation and risk management solutions.
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ORIGINAL ARTICLE
September 11, 2023
iBanFirst: Growth story in the CEE
by Roberta Kostadinova
“Our performance in CEE highlights the dynamic growth of businesses in the region and the increasing demand for cross-border payment solutions."
– Johan Gabriels, Regional Director for South-East Europe at iBanFirst
Article Summary
iBanFirst, a leading fintech provider of cross-border payment and foreign exchange services, has significantly expanded its presence in Central and Eastern Europe (CEE), facilitating more than €2 billion in transactions within just two years. The company, which operates 13 offices across 10 European countries, has established itself as a key financial partner for SMEs in the region.
Since opening its first CEE offices in Bucharest, Sofia, and Budapest in 2021, iBanFirst has capitalized on the region’s fast-paced digital transformation and growing need for advanced financial solutions. Businesses in CEE, particularly in Romania, Hungary, and Bulgaria, face complex currency fluctuations and geopolitical uncertainties, making iBanFirst’s services—risk management, foreign exchange, and international payments—highly valuable.
Romania has emerged as one of iBanFirst’s top three European markets, driven by a surge in new client acquisitions. Meanwhile, Bulgaria records the highest transaction volume per client, as larger enterprises adopt fintech solutions to enhance operational efficiency. The firm’s clientele spans diverse industries, including automotive, energy, IT, telecommunications, and retail, with businesses conducting trade across the EU, China, the US, and Turkey.
In 2024, iBanFirst aims to deepen its footprint in the CEE region, refining its next-generation cross-border payment platform. The company’s approach combines open banking technology, centralized financial management, and dedicated foreign exchange experts, ensuring a seamless and personalized experience for clients.
Key Highlights
- €2 Billion in CEE Transactions iBanFirst processed over €2B in cross-border payments within two years, demonstrating rapid regional adoption.
- Strategic Growth in Romania, Bulgaria, and Hungary These three markets are driving iBanFirst’s success, with Romania among its top three European revenue sources.
- Industry-Wide Impact Clients span automotive, IT, telecom, and retail, benefiting from enhanced financial infrastructure and risk management solutions.
- Next-Gen Digital Financial Services iBanFirst’s open banking platform centralizes financial operations, helping businesses streamline payments and currency exchanges.
Takeaway
The rise of iBanFirst in Central and Eastern Europe underscores the region’s growing demand for modern financial infrastructure and cross-border payment solutions. SMEs, which form the backbone of CEE’s economies, benefit from fintech-driven efficiencies, enabling them to scale internationally with fewer financial hurdles.
As the CEE market continues digitalizing, iBanFirst’s expansion signals a broader shift toward integrated financial ecosystems, where businesses gain access to real-time payments, currency management, and risk mitigation in a single digital interface.
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