Stockly sets detailed customization of bank account access

Stockly serves over 300 e-commerce clients, including major groups like Galeries Lafayette, Jonak, Go Sport, and Decathlon.

Stockly is a Paris-based startup that enables online sales sites to pool their stocks—thus continuing to sell when they are out of stock. If a user wants to buy a pair of sneakers on a Stockly partner site (Site A) but that site no longer has their size, Stockly’s software will relay the order to another Stockly partner site (Site B), which has the right size in stock. Site B will then send the sneakers directly to the user.

Founded in 2017, Stockly already has 300 e-commerce partner sites. The company is growing rapidly: it quadruples its business volume every year and raised €5.1 million in March 2021.

Eliott Jabès is the CEO of Stockly, a company he founded with Oscar Walter, who is now the CTO. Eliott’s days are very busy. Like any startup executive, he deals with a variety of topics (marketing, product, financing, HR…) and must make many decisions, often in uncharted territory—everything is still to be built. To devote time to critical tasks, Eliott continually optimizes his schedule to minimize distractions.

When using any service, Eliott’s primary expectation is speed and reliability. He needs solutions that work efficiently and don’t waste time. Unfortunately, the banking platforms Stockly has used since its inception have not lived up to these expectations. Many tasks that should be straightforward and quick often require banker intervention or are downright impossible.

Particularly problematic has been managing bank account access permissions. For instance, in 2020, it took an entire month for Stockly’s new CFO to gain access to one of the company’s main operational accounts. Resolving this issue consumed three hours of Eliott’s time and even more for his team.

Another issue was the inability at one of Stockly’s main banks to create differentiated access levels for the company’s bank account. Employees who had access to any of the company’s operational accounts had access to all accounts—exposing sensitive data such as employee salaries.

"With Memo Bank, you can independently grant and customize access permissions for your employees, bypassing the need for traditional banker interventions."

Stockly’s cofounders are very attentive to the innovations that have multiplied in recent years in the banking world. So, when Memo Bank launched in 2020, Stockly became one of its first clients.

Eliott and his team found the reliability they were seeking in Memo Bank’s services. The platform is designed to maximize user-friendliness and independence, with many procedures that require a relationship manager’s intervention at other banks now just a few clicks away on Memo Bank’s interface.

Issues like managing employee permissions are no longer a headache. At Memo Bank, if Eliott wants to grant account access to an employee, he simply enters the employee’s email, and ticks the desired permissions. And that’s it. Adjusting or revoking permissions is as easy as checking or unchecking options in the Memo Bank workspace.

The autonomy Eliott and his team have gained does not mean they are left on their own. Memo Bank’s clients are autonomous—but they are not alone. They are supported by flesh-and-blood relationship managers, genuine bankers who visit their offices. For Stockly, Maxime, a relationship manager at Memo Bank, is Eliott’s contact. When Eliott wants to talk to Maxime, he calls or writes to him on his cellphone. This relationship contrasts starkly with previous experiences where Eliott had to leave voicemails for his banker and wait weeks for a callback. The interaction with Maxime is direct and responsive, making Eliott feel both supported and confident.

Stockly has now shifted all payroll and general expense flows to Memo Bank, particularly valuing the feature that allows creating accounts with varied access rights. Eliott estimates that just in managing employee access, Memo Bank has saved him over 20 hours of work in a year.