5 Fintech Companies based in Paris to watch
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A digital bank for SMEs, an online marketplace for business loans, a corporate credit card provider, and a company providing banking services to microentrepreneurs in Africa and China — a fintech revolution has come to France. We present the 10 hottest fintechs from Paris right now.
The Paris fintech scene is growing on a double-digit scale. In 2018 it has attracted €365m in various forms of startup funding, with a 15% growth YoY, and with Paris Fintech Forum turning into one of the most important fintech events in Europe.
France is one of the top recipients of venture capital in fintech because the French government has implemented a series of programs to promote startups and SMEs on financial markets and has introduced financial incentives with a tax credit for research (CIR) and employment (CICE).
How to make a shift in the insurance industry? Create an AI-based fraud detection solution that is used by more than 70 insurers globally. That’s the recipe for success provided to you by Shift Technology. This company is headquartered in Paris but has offices in Boston, Toronto, Tokyo, Singapore, London, Madrid, Zurich, and Hong Kong. Their team consists of more than 200 developers, data scientists, and project managers.
The company specializes in fraud detection and is also building a strong business case for claims automation. It has secured almost $100m in funding.
Health insurance, both public and private, is a big deal in every country. Alan is an independent digital health insurer that offers its product to individuals and companies. It has 27,000 clients and reported €22m of revenue in 2018. Alan promises that it will delight its users “at every step of their healthcare journey through superior technology and design”.
The company offers a vast array of health-related services (“from choosing a doctor to getting reimbursed”) via the mobile app. It has raised total funds of €75 million since its creation in February 2016.
I’m sure that you’ve heard stories about fortunes in cryptocurrency being lost because someone misplaced their privacy key thumb-drive or forgot the password to their digital wallet. Ledger was built to secure cryptocurrency assets and is providing its customers with a hardware wallet and an app to manage transactions, add cryptocurrencies, and check the balance in just a few clicks.
Afraid that you’ll lose Ledger’s device? The Paris-based crypto-experts got you covered — your accounts can be restored on any Ledger device, using a confidential 24-word recovery phrase. The company has secured $85.1m in funding so far.
Financing your small or medium enterprise sometimes can be harsh. It’s a real struggle to get all the paperwork done and follow all the policies and restrictions set forth by traditional banks. Founders of October, a Paris-based online marketplace for business loans, wanted to make borrowing money a little bit easier for entrepreneurs.
Via October’s platform, you can get a loan from €30k to €5m, lent to you by one of the almost 16.5k lenders. So far almost €295m were borrowed by 609 projects and October has raised €261.7m of their own funding.
As we established earlier, running an SME is a difficult task. Financing your operations is hard and managing all payroll and HR-related issues can also be a struggle. To optimize those processes and to automate everything from RTI submissions and employee payslips to leaves and expenses you might use PayFit’s solutions.
“Payfit can process your payroll automatically, just pick the date and we’ll automate”, they promise. This Paris-based HRtech and fintech company has more than 2,500 customers and has secured €19.5m in funding.
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Thanks again for reading this article from the Licas Ventures Team