A Chat With Pierre-Antoine Dusoulier, Founder & CEO, iBanFirst On Providing SMEs With The Same Level Of Support Large Businesses Take For Granted

Tell us about iBanFirst.

iBanFirst was built to offer a new generation of international payments for SMEs. For many SMEs, managing cross-border transactions means dealing with opaque fees, fluctuating exchange rates and slow settlement times that strain cash flow and operational efficiency. We founded the business in 2016 on the recognition that the SMM segment (small and medium sized multinationals), in particular, often feels the brunt of this complex payment environment.

Based on this foundational belief, our cross-border payment platform manages, collects and sends funds in over 25 currencies to more than 180 countries. We process more than €2 billion in transactions every month on behalf of over 10,000 SMEs, providing them with custom FX support to navigate a rapidly evolving market.

We resonate with a new generation of business leaders looking for transparency around fees and greater control over their payment strategy. iBanFirst expertise brings personalised, trusted management of international payments. Our model provides customers with features such as real-time exchange rates, payments tracking, and the option to lock-in rates for future transactions.

What’s so important about the SMM market, and why did iBanFirst choose to focus on SMMs specifically?

SMEs are an integral part of our economy – in the UK, there are 5.7 million in operation, over 190,000 of which were founded in the last year. In 2023, they generated £2.4 trillion in turnover and were responsible for three-fifths of private sector employment – and half its turnover. Despite this, they face countless uphill battles, from rising costs and economic uncertainty to limited access to funding and loans which puts pressure on profit margins.

This is the very reason we chose this market. We think SMEs deserve the same level of support as large enterprises. By offering a purpose-built cross-border payments solution for SMEs, we can help level the playing field, enabling those businesses to buy and sell globally with confidence.

What strategies have proven most effective to support SMMs in such a volatile market?

SMMs are particularly vulnerable to market volatility, as fluctuations in currency, interest rates and geopolitical developments can quickly erode already tight margins. In such an environment, having real time insight into market movements is essential to protect profitability and maintain cashflow.

We help SMMs navigate this uncertainty by providing insights on foreign exchange risk, with access to real-time rates and data-driven insights, as well as managing their transactions and cash flow. This means businesses have more control and greater confidence over when to execute trades or offshore operations.

Finding ways to regain financial confidence and peace-of-mind when the market is so volatile comes from seeking the most favourable payment rates to offset market pressure. While we can’t always predict last-minute tariffs, we know they will inevitably rock markets, so the ability to lock in FX rates when they are most attractive can help shield SMMs from sudden market movement.

How is AI already transforming the fintech industry?

AI is already making its mark in the fintech industry, as businesses plough significant investment into automated tools in search of better tools and services for their customers. Global trade is more complex than ever, creating demand for AI-driven solutions that simplify processes and deliver real-time data insights.

AI is already making an impact by streamlining tasks such as invoice processing. By automating repetitive, labour-intensive and error-prone manual work, AI speeds up operations and reduces unnecessary strain on resources – crucial at a time when businesses are navigating a complex landscape.

As a result, finance teams can focus on strategic priorities such as cash flow management, supplier relationships and international growth. For SMMs in particular, the ability to process cross-border invoices quickly and accurately provides greater visibility and control.

We are playing our part in driving the industry forward with AI. Last month, we launched iBanPay, our new AI-assistant, designed to tackle a specific challenge facing many SMEs: manual invoice processing. This model is trained on our own data, and is being used by early adopters to automate more than 40% of their invoices. In line with our mission to increase visibility of international payments for SMEs, it is products like these that equip finance leaders with the best-in-class insight needed to make informed decisions about payments with greater efficiency.

What transformations can we expect to see from AI in the future?

By 2030, the global market for AI in fintech is estimated to reach $79.4bn, driven by pressure on finance teams to stay ahead amid economic uncertainty. As such, we should expect to see SMEs adopting AI, either themselves or through financial partners, to pivot from reactive processes to predictive strategies. Visibility into payment behaviours, proactive foreign exchange (FX) practices and AI-powered intelligence that scans currency rates can help SMEs stay one step ahead.

Over the coming years, we can also expect to see AI being used to detect patterns in payment behaviours, such as when transactions are likely to happen and in what currency. Taking insights from AI can help optimise future payment processes, avoid delays, prevent unnecessary currency conversions, and even reduce FX fees by taking advantage of the best rates.

At iBanFirst, we are currently working on augmented agent models. These virtual agents will be able to analyse each client’s flows and transactions and suggest the best options to help our clients make the right decisions. The result is the potential for massive savings, both in terms of time and money.

What is your number one piece of advice to aspiring entrepreneurs?

The most important thing when starting a business is to surround yourself with the right people. A company of 350 people requires a wide range of talents, perspectives and methods that all complement each other. Learning from one another and bringing the right experts together is key.

My second piece of advice is to think local. For businesses looking to expand into new countries, relying on local talent who are deeply connected to their ecosystems is essential. As a Belgium-based fintech targeting the UK market, we know first-hand the importance of understanding these nuances – whether that be differences in regulation, culture or customer preferences. Local talent understands the market in a way international founders don’t initially. Leveraging their insight allows scaling companies to enter the market in a far more authentic way and deliver products to suit the needs of specific regions.