Pretto is an Online Expert in Mortgage Credit
Pretto features a mortgage loan simulator equipped with powerful algorithms that thoroughly compare bank offers.
Renaud Pestre and Pierre Chapon cofounded Pretto in 2017. Like many great ideas, Pretto was born out of frustration. During their first home purchase, Pretto’s founders were disappointed with the customer experience they encountered. They decided to make the search for mortgage credit as simple, efficient, and fair as possible, through a blend of technology and human support. Renaud Pestre and Pierre Chapon developed a fully online suite of services that combines the performance of the best digital tools with expert remote assistance.
Pretto’s main service is an online brokerage tool that assesses individuals’ financing capacity and interest rates, then connects them with banks across France. A dedicated expert remotely supports clients from the project’s inception to the notary’s signature.
Five years after its inception, Pretto is now a scale-up with 220 employees, has raised nearly €40 million, and helps its clients secure a billion euros in credit annually. Pretto continued to accelerate in 2022 by developing a B2B service, allowing independent brokers to use Pretto’s platform under a white label.
Pretto was looking for a Modern Banking Partner
In January 2022, Pretto raised €30 million from various investors. To strengthen their investments without diluting their equity, Pretto’s leaders sought additional bank financing. They looked for banking partners who could not only complement this fundraising but also support them in the long term.
As not all banks are comfortable with financing innovative companies, often seen as riskier Pretto was looking for a bank that understands the unique world of innovative companies and the digital economy. A bank that does not analyze the business models and finances of innovative companies in the same way it analyzes those of more traditional SMEs.
Pretto’s leaders were also looking for a bank that offers modern account management, allowing them to spend as little time as possible on day-to-day banking and give more autonomy to their teams.
A Bank Credit to Complement Fundraising
Memo Bank clearly understands the challenges of entrepreneurs and the specifics of our business.
Renaud Pestre and Pierre Chapon discovered Memo Bank through its financing offer designed specifically for fast-growing innovative companies.
Following initial discussions between Renaud and Memo Bank’s business managers, the funds were released very quickly. The entire process, from first contact to the availability of funds in Pretto’s account, took only a few weeks. Two aspects struck Pretto’s leaders in their relationship with Memo Bank: first, the speed of the loan process and the responsiveness of the Memo Bank teams. Secondly, Memo Bank’s familiarity with Pretto’s challenges and its specifics as an innovative company.
Memo Bank also brings to Pretto what thescale-up had previously only found with fintechs: a modern and efficient management of daily banking operations, thanks to a platform as easy to use as possible for all employees, featuring innovative functionalities.
Pretto Aims to Make Memo Bank a Long-Term Partner
Memo Bank is among the financial institutions that have enabled Pretto to complement its fundraising with non-dilutive financing. Pretto is particularly satisfied with the platform and functionalities offered by Memo Bank, so much so that the company has decided to transfer its payment card flows from a fintech to Memo Bank. Memo Bank indeed offers easy creation of virtual or physical cards, with deferred or immediate debiting, and linked to an expense management system. This expense management system, directly integrated into the bank account, allows Pretto’s leaders to monitor their company’s card expenses, manage card limits, and grant the level of autonomy they desire to their teams.
Pretto has big ambitions and wants to become a very large company. Renaud and Pierre aim to widely publicize their service, explain to all French people that buying a home can be easy, and concurrently develop a service for independent brokers. These topics will require funding and great operational agility, two aspects on which the leaders know Memo Bank can support them in the future.
