Memo Bank announces its groundbreaking product offering for SMEs

Three months after being granted a full banking license, Memo Bank is the first banking institution to offer SMEs:

1. An innovative current account with no volume fees that starts accruing interest from the very first euro;
2. Short term credits and mid-to-long term financing issued in record time at competitive rates to support SMEs in their growth;
3. An experienced banker equipped with the latest technology who understands the SME landscape and can offer expert advice.

A modern current account — In order to free up time for executives and their teams, Memo Bank has designed an intuitive and collaborative business current account. Day-to-day banking at the management and the operational level has been reimagined and retooled to better meet the needs of both executive and administrative staff. For example, transaction search is instantaneous and benefits from an unlimited transaction history; salary payments only take a few clicks thanks to a user interface of virements groupés robust and functional; finally, inviting collaborators is done 100% online and allows to select precisely the permissions assigned to them.

An interest-bearing current account — In addition to the new tools and simplified pricing, Memo Bank has added a perk unlike anything other business banks are offering: current account deposits earn interest from the very first euro. Depending on the monthly plan, rates vary between 0.15% and 0.30% and apply to deposits of up to €100,000 or €200,000.

A volume-fee free current account — Memo Bank created a pricing structure that is more predictable and easier to understand than those of traditional actors by getting rid of volume fees. Instead of relying on volume, monthly fees are based on the number of transactions and the functionalities selected. “Today’s SMEs need to be able to forecast accurately. This is why we decided not to charge volume fees, which can be unpredictable and a bit of a black box for clients ”, explains Jean-Daniel Guyot, cofounder and President of the Management Board of Memo Bank.

Memo Bank’s monthly plans are designed to meet the needs of different types of businesses and range from €49 to €399 per company based on selected options.

A streamlined application process — In order to be able to respond to short and mid-to-long term financing requests quickly, this new bank for SMEs has established a paperless process requiring only the most essential guarantees. The target is to be able to give a ‘yes’ or a ‘no’ as soon as possible to those seeking financing.

Overdraft facility — The bank offers an unsecured overdraft facility that adapts to the needs of each client by enabling financing of the normal business cycle and addressing occasional or cyclical liquidity issues.

Mid-to-long-term financing — Memo Bank issues loans to SMEs for both tangible and intangible assets. Whether a company is looking to purchase supplies or fund their digital transformation, financing options are available. Repayment schedules vary from 12 to 84 months and amounts range from €20,000 to €200,000.

“While micro-entrepreneurs and the self-employed benefit from a wide array of modern, low-cost account offerings jam-packed with features, SMEs rarely enjoy the same quality of banking services. The banking relationship gets bogged down in red tape, and the importance of investing in digital transformation is often underrated by lenders. This is why we decided to build our offer around the needs of today’s business people with a focus on speed, simplicity, and knowledgeable support. ” adds Jean-Daniel Guyot, President of the Management Board of Memo Bank.

Finally, Memo Bank aims to enhance the essential relationship between a bank and its client through a team of field account managers. Experienced bankers with the latest tools will meet personally with all new clients to evaluate how Memo Bank can best support their continued growth and digital transformation.

The new bank will prioritize SMEs with an annual turnover of €2m-€50m headquartered in the greater Paris and Lyon areas where Memo Bank already has teams in place. Memo Bank intends to expand to other metropolitan areas in France before progressively rolling out across Europe.