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August 17, 2022

iBanFirst opens office in Bulgaria to facilitate international payments for local SMEs

iBanFirst, the largest Payment Service Provider (PSP) in continental Europe servicing SMEs doing international trade, chooses Bulgaria as its second regional office as part of its expansion in the South-East. The platform has a monthly volume of transactions of €2 billion at the European level and expects to double that figure by the end of the year.

Dean Todorov (photo), has been appointed Country Manager of the Bulgarian branch. He will be responsible for iBanFirst’s local operations, under the coordination of Johan Gabriels, Regional Director, South-East Europe who has 12 years of experience in running banks & fintechs in Bulgaria & Romania.

iBanFirst operates a state-of-the-art online banking platform that allows companies to make fast, cost-effective, secure transactions in over 30 currencies and hedge foreign exchange risks. Its unique open – banking feature enables clients to handle all their FX operations on a single interface from payment initiation to settling foreign suppliers’ invoices. This simplifies their daily operations. In addition, both the payers and beneficiaries can track the status of each payment in real – time, which allows them to gain full visibility over the transaction process.

The fintech company envisions to develop a local team of FX specialists to create a solid boutique portfolio of clients in the first year of its operations on the Bulgarian market. Each client will benefit from a dedicated account manager and regular meetings with the team.

“Our decision to hire Dean Todorov is part of our global strategy to leverage the large pool of top performers from each country to enhance our market advantage. Although we are a fintech company, we believe our main asset is our team of talented people. They enable us to provide our customers with the best consultancy services that will help them make smarter decisions and operate more efficiently”, shares Johan Gabriels, Regional Director, South-East Europe at iBanFirst.

Dean Todorov is a professional with international experience and a proven track record in financial technology, sales and team management. He began his career in fintech in London (UK) in 2017 and came back to drive the growth of fintech companies on the Bulgarian market. Dean has a degree in Finance and Investments from Coventry University (UK) and graduated from an Erasmus program in International Business at SRH Berlin University of Applied Sciences.

“I am excited for the opportunity to drive the growth of iBanFirst in Bulgaria and, on a larger scale, to support the European leadership position in B2B cross-border payments. I am looking forward to use my market knowledge and expertise to provide easier, faster, more transparent international payments to local companies through innovative financial solutions services, helping them thrive internationally”, shares Dean Todorov, Country Manager of Bulgaria at iBanFirst.

iBanFirst’s expansion in South-East Europe follows a growth equity investment deal of €200 million with Marlin Equity Partners (MEP) to fund product development, international growth, and M&A. The agreement has made MEP the majority shareholder of iBanFirst while its CEO and Founder, Pierre-Antoine Dusoulier, became the company’s second-largest shareholder. In addition to the Bulgarian and Romanian office, iBanFirst plans another offices opening in Hungary and Italy, in the coming period.



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