In the first half of 2024, Romanian trading companies have successfully completed international transfers totaling over 660 million euros, as reported by iBanFirst, a global provider of foreign exchange and international payments for businesses. This milestone represents a remarkable 203% increase in international payment volumes compared to the same period last year.

This significant growth in payment volumes has been driven by the dynamic business activities of existing clients and a surge in import-export operations. iBanFirst’s client base includes 565 business companies in Romania and 1,300 companies across the region. These impressive results have positioned Romania and the Central and Eastern Europe (CEE) region as the market with the highest trading volume growth for the iBanFirst Group in the first half of 2024.

The increase in trading volume has also spurred a revenue growth of 106%, with the CEE market now contributing 40% of iBanFirst’s overall revenue growth rate. “Our exceptional growth in Romania underscores the sustained need for innovative financial solutions and is a testament to the trust our clients have placed in us. 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. We are dedicated to supporting Romanian trading companies in their international endeavors and remain committed to delivering unparalleled service and value,” said Johan Gabriels, Regional Director for South-East Europe at iBanFirst.

iBanFirst’s mission is to help Romanian companies expand beyond borders by providing fast, transparent, and cost-effective cross-border payments and foreign exchange services, supported by a team of 20 FX experts. The fintech’s diverse client base includes import-export companies across various sectors such as automotive, agriculture, energy, IT and telecommunications, construction, and retail.

The value of cross-border transactions carried out through the iBanFirst platform ranges from a few thousand euros to millions of euros. Furthermore, the uncertain economic and geopolitical climate in recent years has led more companies to seek risk management solutions to protect against currency volatility. This shift has resulted in an increased demand for hedging services, which have recorded over 20% year-over-year growth and now account for 35% of iBanFirst’s revenues in the local market.

iBanFirst plans to further invest in the Romanian market by expanding its team in Bucharest, enhancing its technological capabilities, and launching new products tailored to the needs of local businesses. iBanFirst has been listed for five consecutive years (2018–2023) in the Financial Times’ top 1000 Europe’s Fastest Growing Companies. The iBanFirst Group currently has 13 offices in 10 European countries, including France, Belgium, the Netherlands, Germany, Romania, Bulgaria, Hungary, Italy, Spain, and the UK, as well as a white label business in Greece. The group processes transactions worth over 1.4 billion euros monthly.

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