iBanFirst acquires Cornhill, a foreign exchange provider in the UK
By Joy Dumasia
iBanFirst announced the acquisition of the London-based FX provider, Cornhill. The acquisition builds on iBanFirst’s long-term funding partnership with private equity firm Marlin Equity Partners, established in June 2021. The acquisition is a testament to the company’s focus on accelerating its international expansion, strengthening partnerships, and cementing market leadership across Europe.
Following the post-Brexit transition, UK and EU clients are becoming more reliant on industry partners who have a firm footing on both sides of the Channel. The acquisition represents an opportunity for iBanFirst to expand its international footprint and extend its European PSP licence to the UK.
Pierre-Antoine Dusoulier, CEO of iBanFirst, said: “Following regulatory approval, our acquisition of London-based foreign exchange (FX) provider, Cornhill, will strengthen iBanFirst’s value proposition to SMEs, simplifying GBP exchanges in a post-Brexit context, and offering Cornhill clients access to its state-of-the-art cross-border technology.
“We’re really impressed by the quality of service that Cornhill provides. Our success is driven by partnering with like-minded businesses that have the same values as us. Cornhill’s business model fits perfectly within our philosophy at iBanFirst, where we believe in cross-border cooperation and first-rate client service. The acquisition supports our ambition to become a global leader in multi-currency 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, turning our attention to Switzerland, Scandinavia and North America.”
Vivek Savani, Executive Director of iBanFirst UK, said: “We’re proud and eager to be joining iBanFirst. The pandemic has underlined the importance of digitising payment processes and combining strong FX risk management with technological know-how. After considering various options, iBanFirst’s innovative platform and technological expertise is the best solution to meet the needs of our clients and the British market as a whole. The acquisition will enable our clients to benefit from an enhanced cross-border experience with features like the Payment Tracker to trace payments the same way consumers can track parcels. The acquisition will also create a payment corridor to facilitate and accelerate incoming and outgoing GBP payments.”
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