Over the last few years, the Fintech industry has known a real economic boom in France. According to Statista, digital payments have become increasingly mainstream in France, as more and more users are taking advantage of the conveniences of this type of payment. Mobile payments, credit cards and other types of digital payment methods represent the biggest segment of FinTech in France in terms of the transaction value.
In 2019, $4.8bn in venture capital funding was raised by French startups, up nearly threefold since 2015, thus making France one of the fastest-growing tech hubs in Europe.
Check out these 5 rapidly expanding French FinTechs –
Founded in 1986 in Paris, France, Murex is a company providing technology solutions for trading, treasury, risk, and post-trade operations for financial markets.
Recently, Murex announced that it has teamed up with self-service data integrity and reconciliation services provider Duco. The collaboration will facilitate the delivery of a data reconciliation solution for enhancing automation and straight-through processing across a range of asset classes.
Murex’s cross-function platform, MX.3, supports trading, treasury, risk and post-trade operations, enabling clients to better meet regulatory requirements, manage enterprise-wide risk, and control IT costs.
Sopra Banking Software is a subsidiary of the Sopra Steria Group, a European provider of consulting, digital services and software development.
The Sopra Banking Platform offers retail banking functionalities and business features such as accounts, savings, lending, payment, channels, and compliance. It designs end-to-end digital banking solutions, through its engagement platform (DBEP), in a bid to allow customers to transform their bank with integrations and provide customer journeys for an enhanced end-user experience.
Recently, Sopra Banking Software announced the launch of a new digital platform for UK-based Kensington Mortgages. The upgraded software aims to improve the latter’s core platform and help deliver Sopra’s new digital solutions for onboarding journeys.
Founded in 2016, Qonto is a neobank for SMEs and freelancers. It aims to assist business owners through streamlined account opening, accounting exports, expense management feature and allows them to have more control while giving their teams autonomy.
It also aims to provide visibility on cash-flows through smart dashboards, transactions auto-tagging, and cash-flow monitoring.
Recently, the French challenger neobank raised an additional €104 million in a Series C round led by investors Tencent and DST Global, along with the participation of existing investors Valar and VC Alven, and new business angels Taavet Hinrikus (TransferWise’s co-founder and chairman) and Ingo Uytdehaage (CFO at Adyen).
Spendesk, a French spend management platform for SMBs, recently announced that it has raised $18 million in addition to its Series B round last year ($38 million). The new investment comes from global VC fund Eight Roads Ventures and brings the total raised to $68.5 million.
This funding will support the company’s growth and help it to address the accelerated digitisation of finance departments and increase in demand for spend management solutions.
Founded in 2016 by Rodolphe Ardant, Guilhem Bellion and Jordane Giuly within French startup studio eFounders, Spendesk now serves over 40,000 end-users at growing businesses such as Algolia, Amboss, Curve, Doctolib, Gousto, Raisin, Sezane, Wefox. The company has raised $68.5 million to date including two previous rounds led by Index Ventures. Headquartered in Paris, Spendesk has offices in Berlin, London and San Francisco.
FinTech Vybe offers a free payment card for youth aged 13 to 18 years old. The users are provided with a French IBAN and are enabled to make purchases with their mobile phone.
The FinTech also offers a secure mirror homepage to enable parents to keep tabs on spending and making instant transfers. Vybe’s e-wallet aims to enable clients to spend and utilise their full debit BIN capabilities.
Recently, PrePay Solutions (PPS) announced its partnership with French FinTech Vybe. Vybe will utilise PPS’ e-money licenses and tech infrastructure for rolling out PPS-powered Mastercard virtual card as standard. The FinTech’s users can select a physical, contactless card, that can be used for POS payments and ATM withdrawals anywhere that accepts Mastercard.