Global financial services provider iBanFirst has today (Wednesday) ‘taken a big step into the future’ with the acquisition of Dutch firm NBWM.
iBanFirst specialises in international banking transactions, and its award-winning online platform enables users to make and receive cross-border payments, hedge foreign exchange risks and finance international growth.
The French company has completed a buyout of the Netherlands’ first foreign exchange start-up, with more than 1,000 clients.
iBanFirst Chairman Dennis Malamantinas – former CEO of Burger King Corporation and Smirnoff Vodka – says the move is an important step in the company’s growth.
He said: “Taking over NBWM and establishing itself in the Netherlands falls within the scope of iBanFirst’s stated ambition to increase its geographical footprint in Europe since its second round of funding in November 2018.
“This acquisition represents a clear change of scale for iBanFirst as it will therefore process 5 billion euros in payments a year.”
The deal also marks the reunion of entrepreneurs PJ Datema and Peter Comstock – the founders of iBanFirst and NBWM – who previously worked together at Saxo Bank, as French and Dutch counterparts, and whose careers have followed parallel journeys since.
iBanFirst’s 100 per cent year-on-year growth has been fuelled by a massive investment in its platform to offer an ever-broader range financial services to companies, making both fintechs complementary.
NBWM Director Joost Derks said: “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.”
And NBWM founder PJ Datema said: “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.”
Both companies will operate under the iBanFirst brand, and iBanFirst will use NBWM’s Amsterdam office until mid-2020.