iBanFirst acquires UK-based Cornhill to strengthen its position as leader in multicurrency B2B payment services
The acquisition of London-based FX provider Cornhill, which is currently pending regulatory approval, will strengthen iBanFirst’s value proposition to SMEs by simplifying GBP transfers (particularly post-Brexit), and offer Cornhill clients access to its state-of-the-art cross-border technology.
Paris, France – June 29, 2022. Global financial services provider iBanFirst today announced the acquisition of the London-based FX provider, Cornhill. This acquisition builds on iBanFirst’s June 2021 partnership with investor Marlin Equity Partners and its ambition to accelerate its international expansion, strengthen its partnerships, and cement its market leadership across Europe.
Commenting on the acquisition, Pierre-Antoine Dusoulier, CEO of iBanFirst said: “We’re really impressed by the quality of service that Cornhill provides. Our success is driven by partnering with like-minded businesses who have the same values as us and Cornhill’s business model fits perfectly within our philosophy at iBanFirst where we believe in cross-border cooperation and first-rate client service. This acquisition supports our ambition to become a global leader in multicurrency payments for SMBs. Our arrival in the UK represents a key milestone and marks our presence in 10 countries. In the future, we plan to continue growing across Europe and are turning our attention in particular to Switzerland, Scandinavia but also North America.”
Cornhill Executive Director, Vivek Savani said: “We’re proud and eager to be joining iBanFirst. The pandemic has underlined the importance of digitizing payment processes and combining strong FX risk management with technological know-how. After considering various options, iBanFirst’s innovative platform and technological expertise appears to be the best solution to meet the needs of our clients and the UK market as a whole. Thanks to iBanFirst, Cornhill clients will benefit from an enhanced cross-border experience with features like the Payment Tracker, which lets clients trace payments the same way consumers can track parcels.”
Since Brexit, and with the transition period now coming to an end, it is critical for UK and EU clients to be able to count on partners who have a foot firmly on both sides of the Channel. The acquisition represents an opportunity for iBanFirst to expand its international footprint and extend its European PSP license to the UK.
Commenting on the acquisition, William Gerlach, Country Manager for France at iBanFirst added: “For iBanFirst’s clients, this acquisition will create a payment corridor that will facilitate and accelerate incoming and outgoing GBP transactions. Here in France, incoming and outgoing GBP payments represent a significant share of total payments processed per year, so adding local UK accounts to the platform will enable us to continue providing optimal services to our clients.”
iBanFirst is a global financial service provider delivering solutions across banking borders. As an alternative to the traditional bank offer, iBanFirst helps international SMEs to thrive while simplifying their daily operations. To do so, iBanFirst has developed a cutting-edge core banking platform enabling fast, secure and cost-effective multicurrency transactions. Thanks to iBanFirst, financial teams can make and receive payments in over 30 currencies and hedge foreign exchange risks.
Founded in Paris in 2013, iBanFirst is a French company headquartered in Belgium. It is regulated as a payment institution, passported throughout the European Union, and serves thousands of customers all over Europe. Member of the SWIFT network and SEPA certified, iBanFirst holds AISP and PISP accreditations under PSD2. The company has raised €46m from Xavier Niel and leading European venture capital funds, such as Elaia and Bpifrance Large Venture, among others. In May 2021, iBanFirst completed a growth equity funding round with Los Angeles-based private equity firm Marlin Equity Partners.
Cornhill International Payments is a UK-based payment institution specializing in foreign exchange and risk management. Founded in 2007, and based in the heart of London, Cornhill was created with one key objective - to make currency simple and more transparent for the customer. Cornhill has aimed to consistently make it easier and more cost-effective for businesses and individuals to send money across the world. Cornhill received FCA authorization as a Payment Institution in 2009 and has assisted thousands of clients to manage their currency requirements. Cornhill has an experienced desk of FX dealers who focus on building strong relationships in order to maximize value added. Service has always been at the forefront of the Cornhill ethos which has produced formidable levels of client retention as well as great feedback, as per its 4.9/5 Trustpilot page.