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iBanFirst Romania’s intl transactions treble in H1

Jul 11, 2024, 12:40:26 PMArticle by Bogdan Todasca
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July 11 (SeeNews) - The Romanian unit of Brussels-headquartered payment services provider iBanFirst said on Thursday that its international payment volumes soared by 203% on the year to 660 million euro ($714.1 million) in the first half of 2024.

iBanFirst Romania’s intl transactions treble in H1
Image source: iBanFirst

Growth was spearheaded by the business activities of iBanFirst’s existing clients and a surge in import-export operations, the company said in a press release.

The increase in trading volume delivered an annual revenue growth of 106%, with the Central and Eastern Europe (CEE) market accounting for 40% of the group’s overall revenue growth rate. iBanFirst’s client base tallies 565 companies in Romania and 1,300 companies across the region.

The results position Romania and the CEE region as the market with the highest trading volume growth for iBanFirst Group in the first six months of 2024.

“Romania is now one of our top European markets, with strong performance in key indicators such as growth rate, transaction volume, revenue, new client onboarding, and talent retention,” Johan Gabriels, Regional Director for South-East Europe at iBanFirst, said.

Recent economic and geopolitical uncertainties have increased demand for risk management solutions against currency volatility, resulting in a growth rate of over 20% in hedging services, which account for 35% of iBanFirst’s revenues in the local market.

The company plans to continue to invest in the Romanian market by expanding its team in Bucharest while enhancing its technological capabilities and launching new products tailored to the needs of local businesses.

Established in 2016, iBanFirst has 13 offices in France, Belgium, the Netherlands, Germany, Romania, Bulgaria, Hungary, Italy, Spain, and the UK, as well as a white-label business in Greece. The group offers cross-border payments and foreign exchange (FX) services, processing transactions worth over 1.4 billion euro monthly.

($=0.9242 euro)

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