/Payments

News and resources on payments systems, innovations and initiatives worldwide.

IBan First acquires foreign exchange startup NBWM

Source: iBan First

iBanFirst, global financial services provider delivering solutions across banking borders, today announced the acquisition of NBWM, first foreign exchange start-up in the Netherlands with more than 1,000 clients.

Following this move, NBWM’s clients will benefit from iBanFirst’s award winning online platform, a one-stop shop interface to receive and make cross-border payments, hedge foreign exchange risks and finance their international growth.

“Taking over NBWM and establishing itself in the Netherlands falls within the scope of iBanFirst’s stated ambition to increase its geographical footprint in European since its second round of funding in November 2018.” said Dennis Malamatinas, Chairman of iBanFirst, and former CEO of Burger King Corporation and Smirnoff Vodka. “This acquisition represents a clear change of scale for iBanFirst as it will therefore process 5 billion euros in payments a year.”

This operation is also the reunion of entrepreneurs who share the same values and goal of helping companies do business abroad. The founders of iBanFirst and NBWM have worked together at Saxo Bank in the past, as French and Dutch counterparts, and followed parallel journeys since.

Pierre-Antoine Dusoulier, CEO and founder of iBanFirst said: “I have known PJ Datema and Peter Comstock for a long time. We have worked together at Saxo Bank and they started focusing on businesses’ international payment issues at the same time as us. And I was very impressed with what they have accomplished in the Netherlands. NBWM counts, in particular, highly skilled technical teams who have met the needs of very specialised clients.”

Both companies will operate under the iBanFirst brand and iBanFirst will use NBWM’s Amsterdam office until mid-2020. Does it change anything for NBWM clients? They will keep the same contact persons and enjoy the same quality of service. However, they will take advantage of more services such as nominative IBANs, more hedging solutions and appreciate the user-friendly interface of the iBanFirst platform to make their transactions and international payments.

iBanFirst’s 100 per cent year-on-year growth has been fuelled by a massive investment in its platform and online solutions to offer an ever-broader range financial services to companies, making both fintechs complementary. “The combination of technology and personal service is exactly what we have in common with iBanFirst and what makes it a perfect match. With the leading technology platform from iBanFirst our clients will benefit from the newest features in the field of payment transactions. Moreover, a wider range of products and financial services will become accessible to them.” explained Joost Derks, Director of NBWM.

Looking back on of NBWM’s and iBanFirst’s respective paths and considering their joint future, PJ Datema, founder of NBWM said: “We were the first disruptors in the Dutch market, like iBanFirst was in France and Belgium. Together with iBanFirst we are looking forward to taking the whole organisation to the next level with a state-of-the-art technology platform and a service-oriented sales force. It is a big step forward into the future.”

Comments: (0)

Watch the webinar - Finastra payments report: Digital disruption comes to the corporate treasury