To be the bank of choice for SMEs...
Small and medium-sized enterprises (SMEs) are a major driver of the economy. They create jobs and pay taxes. Unfortunately, small and medium-sized enterprises are often either too big or too small for the one-size-fits-all solutions offered by traditional banks. Memo Bank came into being precisely to address this issue. We aim to be the bank of choice for the four million underserved SMEs in France.
… by starting with a clean slate
We have created a new financial institution that high-growth French and European SMEs can count on. We offer all the tools they need to manage their cash flows: current accounts, loans, and payment facilities. In order to provide the best day-to-day service, we have recruited a team of experienced and committed bankers who are focused on building long-term relationships. Plus, since we started from scratch, we were able to incorporate the most efficient procedures and modern technologies into our systems.
To put technology to work for our bankers.
We want to provide entrepreneurs with banking services that allow them to consolidate, view, and analyze their financial information all in one place. While it’s true that we have invested in state-of-the-art technology to make this happen, we are also relying on the experience of our bankers—something technology cannot replace. We have placed technology at the heart of our project not to replace bankers with robots, but to give bankers the best tools available for serving our clients. People are our focus.
Incorporation of the future banking institution TrustBK
The three co-founders register articles of association for TrustBK—the future former name of Memo Bank. At this point, TrustBK isn’t a real bank with real clients yet. In order to be a real bank, TrustBK has to apply for and be granted a banking license.
Application sent to the French banking authorities (ACPR)
After six months of hard work (read: ten), TrustBK submits its application to the banking authorities in charge of all financial institutions in France. It’s a petition to be granted the status of a fully-fledged credit-granting banking institution. Things are getting serious.
First funding round
TrustBK, which still isn’t a real bank but is already calling itself Memo Bank, raises almost 7 million euros from entrepreneurs and the investment fund Daphni. The goal: lay the foundations for Memo Bank.
The application advances to the European Central Bank
The French banking authorities (ACPR) forward Memo Bank’s application to the European Central Bank (ECB) for their assessment. During this time, work continues fervently on Memo Bank’s regulatory and technological underpinnings.
Green light from the ACPR and European Central Bank (ECB)
Quickly on the heels of the ACPR (France) decision, the ECB (Europe) approves Memo Bank’s application. It's the first truly independent bank with no ties to other financial institutions to emerge in France in 50 years.
Second funding round
Ahead of its official launch, Memo Bank secures an additional 20 million euros in a second funding round led by Blackfin and Bpifrance, alongside historic investors. Several additional entrepreneurs also lend their support.
Memo Bank officially begins operating and welcomes its first clients located in Paris and Lyon area. This is the first time that a new bank, wholly independent from any other banking institution, launches in Europe.