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.
But this foreign exchange service was just the first step. Now, companies can ditch their corporate bank account altogether. Ibanfirst has a banking license in Belgium and can operate in the European Union. In a few minutes, you can create a bank account on the startup’s website and receive an IBAN. Then, you can more easily accept payments in foreign currencies by sharing your IBAN with your clients and suppliers. Opening an Ibanfirst account is free. The company bills you exchange and other fees. Ibanfirst just wants to be more competitive than traditional banks with lower fees. Finally, Ibanfirst plans to add a wide array of services on top of these basic banking features — in particular, the startup plans to partner with other fintech companies.