Belgium-headquartered iBanFirst has acquired London-based currency exchange outfit Cornhill to strengthen its position in the business-to-business (B2B) payments space.
The deal, whose financial terms have not been disclosed, is subject to regulatory approvals.
It follows iBanFirst’s partnership with investor Marlin Equity Partners to drive its international expansion, strengthen partnerships, and bolster its market position across Europe.
The addition of Cornhill is expected to strengthen iBanFirst’s value proposition to SMEs by simplifying GBP transfers.
iBanFirst CEO Pierre-Antoine Dusoulier said: “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 International Payments was founded in 2007 to allow businesses and individuals to send money across the world easily and more cost-effectively.
In 2009, the firm secured Payment Institution authorisation from the Financial Conduct Authority (FCA) and has helped its customers manage their currency requirements since then.
Commenting on the deal, Cornhill executive director Vivek Savani said: “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.”
In 2020, iBanFirst raked in €21m through Series C funding round.