iBanFirst announces closing of acquisition of Cornhill, the UK-based FX provider, to establish itself as a key player in the most dynamic market in Europe.
iBanFirst, a global financial services provider, announces the closing of the acquisition of Cornhill.
Paris – 16th November 2022. Cornhill, the London-based FX provider, is officially part of iBanFirst.
Global financial services provider iBanFirst announces the closing of acquisition of Cornhill. This announcement comes as the group has been given authorisation by the British regulator, the Financial Conduct Authority, to make the acquisition of Cornhill. With this operation, iBanFirst is accelerating its international development in the most important and dynamic FX market in Europe: the UK.
In the coming months Cornhill’s clients and future clients will benefit from a cutting-edge platform for their cross-border payments, along with a wider range of products and services to hedge against currency volatility.
Cornhill Executive Director, Vivek Savani said: ”We are thrilled to officially become part of iBanFirst. The FCA’s approval of the closing will enable our clients and partners to benefit from a single intuitive platform to help them run their cross-border operations and track their payments. This union brings together two essential pillars: digital performance and human touch. Cornhill will keep on providing a bespoke personal service to help clients manage their FX risk while also offering them better pricing and a better overall service.”
Pierre-Antoine Dusoulier, CEO of iBanFirst, added : “The closing represents a huge step for the group. Thanks to the acquisition of Cornhill, iBanFirst will deploy all its technological assets in the UK to better serve SMEs and simplify GBP transfers. Day by day, we are achieving our ambition of becoming a global leader in multicurrency payments for SMBs. iBanFirst is building one of the most effective payment networks in the world, allowing companies to do business without borders.”
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 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.
À propos de Cornhill
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.