B2B payments firm iBanFirst has acquired UK currency exchange outfit Cornhill as part of an aggressive M&A strategy that will see the Belgium-headquartered firm spend a further €100 million on business-building acquisitions.
The deal comes just one month after iBanFirst completed a growth equity investment that saw PE giant Marlin Equity Partners become its largest shareholder.
The acquisition represents an opportunity for iBanFirst to expand its international footprint and extend its European PSP license to the UK, offering SME clients a post-Brexit option for simplified GBP transfers.
Pierre-Antoine Dusoulier, CEO of iBanFirst, says: "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."
IBanFirst's Banking-as-a-Service platform enables clients to make and receive payments in over 30 currencies and hedge foreign exchange risks
“For iBanFirst’s clients, this acquisition will create a payment corridor that will facilitate and accelerate incoming and outgoing GBP transactions," says Alin Latu, country manager for Romania at iBanFirst. "In Romania 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.”