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Formerly known as Margo Bank, the newly named Memo Bank, is launching its exclusive business offering, which is set to tap small and medium-sized enterprises (SMEs).<\/p>\n
![](\"https:\/\/www.fintechfutures.com\/files\/2020\/06\/memo-ceo.jpg\")
<\/p>\nMemo Bank’s CEO Guyot<\/p>\n<\/div>\n
The French fintech has also become a credit institution, having obtained licenses from the French regulator (ACPR) and the European Central Bank (ECB). Co-founder and CEO, Jean-Daniel Guyot, says this “hasn’t happened since 1970”.<\/p>\n
Alongside its launch and licence, the start-up has landed a €20 million funding round led by Paris-based, BlackFin Capital Partners, and existing French investors, Daphni and Bpifrance.<\/p>\n
Founders Future and a host of angel investors also joined the round, including French billionaire Xavier Niel, Oleg Tscheltzoff, and Marc Simoncini. To date, the start-up has raised €6.7 million.<\/p>\n
Ronan Le Moal, the former CEO of Credit Mutuel Arkea, is joining Memo Bank’s board as a chairman.<\/p>\n
The bank targets SMEs that generate over €2 million a year and houses more than ten employees.<\/p>\n
Memo’s offering, which won’t go live for a few months, rests on its own in-house infrastructure.<\/p>\n
Its key focus will be on delivering paperless credit lines to businesses in just a few days, directly competing with France’s online lenders, rather than the country’s neobanks.<\/p>\n
The fintech will start with Parisian customers, before expanding to Lyon. It hopes to grow to 4,000 clients within the next four years.<\/p>\n
Memo Bank’s CEO, Guyot, previously founded Capitaine Train, later known as Captain Train. This was acquired by Trainline after it disrupted the monopoly help by France’s national railway company.<\/p>\n
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Formerly known as Margo Bank, the newly named Memo Bank, is launching its exclusive business offering, which is set to tap small and medium-sized enterprises (SMEs). Memo Bank’s CEO Guyot The French fintech has also become a credit institution, having obtained licenses from the French regulator (ACPR) and the European Central Bank (ECB). Co-founder and … Continue reading Memo Bank launches business offering and lands €20m<\/span><\/a> Continue Reading