iBanFirst snaps up UK foreign exchange provider Cornhill

Multi-currency payments platform iBanFirst has acquired London-based foreign exchange (FX) provider Cornhill for an undisclosed sum.

IBanFirst acquires Cornhill

IBanFirst says the acquisition represents an opportunity for the firm “to expand its international footprint and extend its European PSP licence to the UK” and hopes the deal will help small to medium-sized businesses (SMBs) across Europe tackle Brexit-related payment challenges.

The company enables SMBs to make cross-border payments in more than 30 currencies to 240 countries.

Vivek Savani, executive director of iBanFirst UK, says the deal will “create a payment corridor to facilitate and accelerate incoming and outgoing GBP payments” and enable an improved cross-border experience for clients.

Founded in Paris in 2013, iBanFirst is a French company headquartered in Belgium. Licensed by the National Bank of Belgium, the firm is a member of the Swift network, is SEPA certified and holds AISP and PISP accreditations under PSD2. The company claims to serve thousands of customers all over Europe.

Pierre-Antoine Dusoulier, CEO of iBanFirst, says: “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, turning our attention to Switzerland, Scandinavia and North America.”