France’s fintech sector is the third-largest in Europe, boasting a strong and quickly increasing ecosystem.
In 2023, the nation’s fintech person base surpassed 73 million, producing over US$1.5 billion in income, based on knowledge from Statista.
France ranks simply behind the UK and Germany, which recorded 98.5 million customers with US$3.36 billion in income, and 84.27 million customers with US$2.9 billion in income, respectively.
Inside this dynamic and fast-growing sector, a number of ventures have emerged as class leaders, recording substantial development and garnering investor consideration.
As we speak, we take a look at a few of France’s most profitable and fastest-growing fintech startups in 2024, highlighting their worth propositions, current achievements and development methods.
Prime 10 Fintech Startups in France
Qonto
Based in 2016, Qonto is a number one European enterprise finance resolution supplier. The corporate simplifies day-to-day banking for small and medium-sized enterprises (SMEs) and freelancers by providing an internet enterprise account built-in with varied monetary instruments, together with invoicing, bookkeeping, and spend administration. The corporate’s aim is to turn into the popular enterprise finance resolution for 1 million European SMEs and freelancers by the tip of 2025.
Qonto serves over 500,000 clients, operates in France, Germany, Italy, and Spain, and employs greater than 1,600 individuals. It’s at present ranked because the fifth Most worthy tech startup in France, with a valuation of US$5 billion, based on CB Insights. The startup has raised EUR 622 million from well-established buyers equivalent to Tiger World, KKR and Perception Companions, and is reportedly engaged on an preliminary public providing (IPO) deliberate for 2025.
Most not too long ago, Qonto launched its first in-house financing resolution, additional enhancing its product providing. The event marked a major milestone for Qonto, which had beforehand relied on strategic partnerships for buyer financing. The brand new short-term financing choice, launched in March 2024, makes use of Qonto’s current fee companies license and is accessible by means of the corporate’s cell and net apps. It enhances the financing platform launched in 2023 by means of strategic partnerships, providing clients a complete vary of financing options, together with quantities as much as EUR 10 million.
Alma
Based in 2018, Alma is a European chief in purchase now, pay later (BNPL) fee options, devoted to making a extra balanced and sustainable method to commerce. The corporate focuses on growing monetary merchandise that empower retailers to extend gross sales and buyer loyalty whereas enabling customers to make extra accountable buying choices with out the chance of over-indebtedness. Its tech options are designed to be accessible, straightforward to implement, and to cut back buy friction.
For retailers, Alma gives installment and deferred fee choices that may generate as much as 20% extra gross sales income whereas sustaining buyer satisfaction and loyalty, the startup says. For customers, the BNPL platform permits for an enhanced buyer expertise.
Because the main BNPL supplier in France, Alma is quickly increasing throughout Europe, now processing funds in 10 nations. Over the previous 5 years, greater than 17,000 retailers have chosen Alma’s modern options, and the corporate has served over 3.6 million customers. Alma is acknowledged as a part of the French Tech 120 and one of the vital promising expertise corporations in France.
So far, Alma has secured EUR 185 million in fairness funding, based on TechCrunch.
Ledger
Based in 2014, Ledger is a world chief within the space of digital asset safety. Ledger’s merchandise, which embrace linked units just like the Ledger Stax, Nano S Plus, and Nano X {hardware} wallets, in addition to the Ledger Stay companion app, are utilized by over 6 million clients throughout 180 nations and in additional than 10 languages. The corporate’s expertise safeguards greater than 20% of the world’s cryptocurrency belongings, making it a crucial participant within the digital asset house.
Past client merchandise, Ledger has expanded its choices to incorporate Ledger Enterprise, a complete digital asset custody and safety resolution for institutional buyers and monetary entities. This platform helps buying and selling, shopping for, spending, incomes, and managing non-fungible tokens (NFTs), solidifying Ledger’s place as a worldwide platform for digital belongings and Web3.
Along with its {hardware} and software program options, Ledger gives instructional assets by means of Ledger Academy and Quest, serving to customers to navigate the digital asset panorama safely and confidently.
Ledger is headquartered in Paris and Vierzon, and has places of work in London, New York, and Singapore. So far, Ledger has bought greater than 6 million units globally and has garnered the belief of over 100 monetary establishments and business manufacturers. The startup has raised over US$574 million in funding and, based on CB Insights, is valued at US$1.47 billion.
Younited Credit score
Younited Credit score is a number one supplier of instantaneous credit score in Europe, famend for its steady innovation, disruptive expertise and distinctive person expertise. The corporate gives an built-in instantaneous credit score resolution throughout the buyer journey, offering a seamless interface for fee or credit score transactions, whether or not on-line or in-store. Its credit score choices lengthen as much as EUR 50,000 with compensation phrases of as much as 84 months, all delivered immediately.
Working in France, Italy, Spain, Portugal, and Germany, Younited Credit score generates almost EUR 2 billion in annual gross merchandise worth (GMV). Since its founding, almost one million customers have accessed instantaneous, easy, and clear credit score by means of the platform to finance a wide range of wants, equivalent to residence renovations, holidays, buying new smartphones, or different private tasks.
Younited Credit score is totally licensed as a Credit score Establishment and Funding Providers Supplier by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) since September 23, 2011. The corporate has raised greater than US$508 million in funding and is valued at US$1.16 billion, based on CB Insights.
Alan
Based in 2016, Alan is an all-in-one well being accomplice for companies and freelancers, providing tailor-made well being companies centered on each bodily and psychological well-being to its members. The corporate leverages expertise to offer a easy, clear, and distinctive insurance coverage providing. It was the primary new medical insurance supplier to be licensed by the Banque de France and the ACPR since 1986.
Alan gives a complete well being companies providing that features personalized prevention plans, augmented actuality for ordering glasses, entry to docs and healthcare professionals seven days per week by means of a digital clinic, and psychological help. The corporate is understood for its swift service, with a response time of simply 2 minutes and 90% of healthcare bills reimbursed on the identical day, 80% of them inside an hour.
Alan operates throughout France, Spain, and Belgium, serving greater than 25,000 companies, 13,000 freelancers, and a complete of 500,000 end-customers. It stories an annual recurring income (ARR) of EUR 350 million and a development of ARR of greater than 38% in 2023. Greater than 5,000 new purchasers, equivalent to Celio, Clinitex, Duracell, Mantu, and Sia Companions, selected the platform final 12 months.
Alan has raised EUR 440 million since its inception and was valued at over EUR 2.7 billion throughout its Collection E funding spherical in 2022.
Spendesk
Spendesk is a complete spend administration platform designed to save lots of companies money and time by streamlining and connecting all features of firm spending. The platform integrates on a regular basis applied sciences, incorporates built-in automation, and options an intuitive approval course of, enabling staff to handle expenditures effectively whereas offering finance leaders with full visibility over the whole firm’s spend.
Based with a imaginative and prescient to simplify monetary operations, Spendesk is trusted by 1000’s of corporations and serves over 200,000 customers throughout France, the UK, Germany, and Spain. The corporate operates places of work in Paris, London, Berlin, and Madrid, emphasizing group on the core of its operations. Along with its spend administration platform, Spendesk additionally runs a worldwide group of finance leaders referred to as CFO Join which boasts greater than 12,000 members.
Spendesk additionally offers fee options by means of a subsidiary referred to as Spendesk Monetary Providers. This entity operates independently and is allowed by the ACPR to offer fee companies throughout the European Financial Space (EEA), supporting the corporate’s operations with agile and safe monetary companies.
So far, Spendesk has raised over US$300 million in funding and is valued at US$1.5 billion, based on CB Insights.
Shift Know-how
Based in 2014, Shift Know-how is a number one supplier of synthetic intelligence (AI)-powered decisioning options designed to boost the worldwide insurance coverage business. The corporate’s merchandise allow insurers to optimize and automate crucial choices all through the coverage lifecycle, from underwriting to claims processing.
Shift Know-how employs subtle AI applied sciences to help insurers in mitigating fraud and danger, enhancing operational effectivity, and delivering distinctive buyer experiences. The corporate’s choices embrace fraud detection software program that leverages AI and machine studying algorithms to investigate intensive datasets, establish patterns, and flag doubtlessly fraudulent claims. Moreover, its claims automation options streamline varied features of the claims course of, accelerating dealing with instances, enhancing accuracy, and decreasing the general time required to settle claims. These options are utilized by main insurers in property and casualty, journey, well being, employees’ compensation, and life insurance coverage sectors throughout greater than 25 nations.
Headquartered in Paris, Shift Know-how additionally has places of work in main cities together with Boston, Frankfurt, Tokyo, Singapore, London, Madrid, Toronto, Mexico Metropolis, and São Paulo. So far, the corporate has raised US$320 million in funding and is valued at US$1 billion, based on CB Insights.
Shift Know-how has been acknowledged for its impression on the insurance coverage business, being named to the 2022 Fintech World Insurtech 250, the 2022 CB Insights Insurtech 50, and the 2021 Digital Insurance coverage Agenda Prime 100 Insurtechs to Watch.
Swile
Based in 2018, Swile makes a speciality of digital options for worker advantages, equivalent to meal vouchers and reward playing cards. The corporate offers a super-app for workers and an accompanying fee card.
The Swile Card is an all-in-one card that consolidates meal vouchers, reward vouchers, and mobility advantages onto a single sensible card. Appropriate with Apple and Google Pay, the Swile Card simplifies transactions and permits customers to hyperlink their financial institution card to cowl any extra quantity past the each day restrict.
Moreover, the Swile App fosters crew cohesion by enabling staff to ship reward, manage social occasions, and handle collections. The app additionally options gamified surveys and a strong analytics device to gauge and improve crew engagement.
Swile stands out as one of many largest gamers in France’s worker advantages business, dealing with EUR 3 billion in transaction quantity yearly. It operates in France and Brazil, supporting over 5.5 million customers and collaborating with 85,000 corporations, together with distinguished names equivalent to Carrefour, JCDecaux, PSG, and Spotify.
So far, Swile has raised over US$328 million in funding, based on CB Insights, and is certainly one of France’s tech unicorns.
Lydia
Based in 2013, Lydia is a frontrunner in peer-to-peer (P2P) funds. The corporate offers a platform for customers to ship and obtain cash, pay payments, and handle their funds by means of a cell app. It’s recognized for its user-friendly interface and its deal with simplifying monetary transactions for its customers.
Lydia has gained recognition in France and has expanded its companies to different nations, together with Spain and Germany. It claims greater than eight million customers.
In Could 2024, Lydia launched a brand new strategic initiative by introducing a challenger financial institution referred to as Sumeria. This transfer is accompanied by a major funding of EUR 100 million and plans to rent 400 new staff over the following three years. The brand new strategic route includes repositioning the Lydia app solely for P2P fee transfers between mates and contacts, whereas the broader banking companies will probably be supplied by means of Sumeria.
Sumeria will supply a complete suite of banking companies, together with present accounts, joint accounts, financial savings, credit score, and investments, together with a devoted IBAN and a Visa debit card. To boost buyer expertise, Sumeria may even open a financial institution department in Paris, designed to offer customized help much like the Apple Retailer’s Genius Bar. The corporate goals for Sumeria to draw 5 million clients throughout the subsequent three years.
Lydia has raised a complete of EUR 235 million thus far, together with a US$100 million Collection C spherical in 2021, which contributed to its unicorn standing.
PayFit
Based in 2015, PayFit is an organization devoted to simplifying payroll administration and human assets (HR) processes for SMEs. The corporate has developed a quick, intuitive, and automatic software-as-a-service (SaaS) resolution designed to assist enterprise house owners and HR professionals save money and time.
PayFit’s platform automates the payroll course of, together with calculations, deductions, and funds, and handles varied HR capabilities, equivalent to worker onboarding, time monitoring, and depart administration. The answer is designed to be intuitive and simple to make use of, permitting enterprise house owners and HR professionals to effectively handle their payroll and HR processes with no need intensive technical information. The platform additionally integrates with different enterprise methods and instruments, facilitating seamless knowledge alternate and decreasing the necessity for guide knowledge entry.
Initially established in France, PayFit has quickly expanded its presence to Spain and the UK, now serving over 6,500 corporations, together with notable names like Biocoop, Heetch, and Gymlib.
As of now, PayFit has secured greater than $497 million in funding and holds a valuation of US$2.1 billion, based on CB Insights.
Featured picture credit score: edited from freepik
