In the first half of 2024 the leading global provider of foreign exchange and international payments for businesses, iBanFirst, processed 275 million euros in FX transactions for Bulgarian trading companies. In comparison to the same period last year this is an increase of 90% that was driven by the dynamic business activities of existing clients and the surge in import-export operations.
These results position Bulgaria as one of the markets with the highest trading volume growth for the iBanFirst Group, while it remains the market with the highest average volume per trade in the first half of 2024.
„Our remarkable performance in Bulgaria highlights the highest average volume per trade among our European markets, despite being one of the smallest countries. This exceptional growth emphasizes the robust demand for innovative financial solutions and is a testament to the trust our clients have placed in us. We are dedicated to supporting Bulgarian companies in their international endeavors and remain committed to delivering unparalleled service and value”, said Johan Gabriels, Regional Director for South-East Europe at iBanFirst.
The press release and more information below:
PRESS RELEASE
iBanFirst Bulgaria registered a 90% increase in FX transactions volumes in the first half of 2024, reaching 275 million euros
● The substantial growth in FX transactions volumes was driven by the dynamic business activities of existing clients and the surge in import-export operations. iBanFirst’s client base includes 1,300 companies across the region.
● These results position Bulgaria as one of the markets with the highest trading volume growth for the iBanFirst Group, while it remains the market with the highest average volume per trade in the first half of 2024.
● The increase in trading volume has also led to revenue growth, CEE generating now 40% of iBanFirst’s overall revenue growth rate.
Sofia, 10.07.2024: iBanFirst, a leading global provider of foreign exchange and international payments for businesses, has processed 275 million euros in FX transactions for Bulgarian trading companies in the first half of 2024, marking a substantial 90% increase compared to the same period last year. These results position Bulgaria as one of the markets with the highest trading volume growth for the iBanFirst Group in the first half of 2024.
The substantial growth in FX transactions volumes during the first six months of 2024 was driven by the dynamic business activities of existing clients and the surge in import-export operations. The increase in trading volume has also driven revenue growth of 106%, with the CEE market now contributing to 40% of iBanFirst’s overall revenue growth rate. iBanFirst’s client base includes 1,300 companies across the region.
„Our remarkable performance in Bulgaria highlights the highest average volume per trade among our European markets, despite being one of the smallest countries. This exceptional growth emphasizes the robust demand for innovative financial solutions and is a testament to the trust our clients have placed in us. We are dedicated to supporting Bulgarian companies in their international endeavors and remain committed to delivering unparalleled service and value”, said Johan Gabriels, Regional Director for South-East Europe at iBanFirst.
iBanFirst’s mission is to help Bulgarian companies expand beyond borders by providing them with access to fast, transparent, and cost-effective cross-border payments and foreign exchange services, as well as the support of a boutique team of FX experts. The fintech’s client base is diverse, including import-export companies across various sectors such as agriculture, automotive, IT and telecommunications, wholesale and retail, construction, and energy.
The value of cross-border transactions carried out through the iBanFirst platform ranges from a few thousand euros to millions of euros. Moreover, the uncertain economic and geopolitical climate in recent years has led more companies to seek risk management solutions to protect against currency volatility. This shift has resulted in a significant increase in demand for hedging services, which have recorded a 94% year-over-year growth and now account for 77% of iBanFirst’s revenues in the local market.
iBanFirst plans to further invest in the Bulgarian market by expanding its team in Sofia, enhancing its technological capabilities, and launching new products tailored to the needs of local businesses.
iBanFirst has been listed for 5 consecutive years (2018 – 2023) in the Financial Times’ top 1,000 Europe’s Fastest Growing Companies. iBanFirst Group currently has 13 offices in 10 European countries (France, Belgium, the Netherlands, Germany, Romania, Bulgaria, Hungary, Italy, Spain, and the UK) as well as a white label business in Greece. The group processes transactions worth over €1.4 billion monthly.
About iBanFirst
Founded in 2016, iBanFirst offers a next-generation cross-border payment experience that combines a powerful platform and the support of FX experts. With more than 350 employees in 10 European countries, processing a volume of transactions worth more than €1.4 billion each month, and listed by the Financial Times as one of Europe’s fastest-growing companies, iBanFirst became in less than 10 years a trusted partner for SMEs across borders.
iBanFirst has the financial backing of the French public investment bank (bpiFrance), European venture capital leaders (Elaia, Xavier Niel), and the American investment fund Marlin Equity Partners (more than 8 billion dollars of capital under management). Regulated by the National Bank of Belgium as a payment institution, iBanFirst is authorized to operate throughout the European Union. Member of the SWIFT network and SEPA certified, iBanFirst holds AISP and PISP accreditations under PSD2.
Photo: Johan Gabriels, Regional Director for South-East Europe at iBanFirst
