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iBanFirst Bulgaria boosts FX transactions 90% y/y in H1

Jul 10, 2024, 4:50:38 PMArticle by Mihaela Miteva
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July 10 (SeeNews) - The Bulgarian unit of Brussels-headquartered payment services provider iBanFirst said on Wednesday that it increased its foreign exchange (FX) transactions by an annual 90% to 275 million euro ($297.4 million) in the first half of 2024.

iBanFirst Bulgaria boosts FX transactions 90% y/y in H1

Growth was fueled by the business activities of the company's clients and a surge in import-export operations, iBanFirst Bulgaria said in a press release. Bulgaria is now one of iBanFirst’s top markets in terms of trading volume growth and the market with the highest average volume per trade in the first half of this year.

The increase in trading volume resulted in a 106% surge in iBanFirst’s revenue, as the Central and Eastern Europe (CEE) market now contributes 40% of the company's overall revenue growth. iBanFirst serves 1,300 companies across the region.

However, economic and geopolitical uncertainties have led to higher demand for risk management solutions that protect against currency volatility, resulting in a 94% year-on-year growth in hedging services, which now account for 77% of iBanFirst’s local market revenues.

In Bulgaria, iBanFirst plans to expand its Sofia team, boost its technological capabilities and launch new products tailored to local businesses, the company said.

The company’s client base includes import-export companies across the agriculture, automotive, IT, telecommunications, wholesale, retail, construction and energy sectors.

Founded in 2016, iBanFirst has 13 offices across Europe, covering France, Belgium, the Netherlands, Germany, Romania, Bulgaria, Hungary, Italy, Spain and the U.K., along with a white-label business in Greece. The group processes transactions of over 1.4 billion euro per month.

($ = 0.9247 euro)

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