3 minMemo Bank has been authorized by the European Central Bank (ECB) and the French banking authorities (ACPR) to launch their banking services. The fact that Memo Bank has been granted a full banking license is a testament to the soundness of Memo Bank’s structure and the relevance of its innovative approach. Memo Bank is focusing specifically on the needs of SMEs by placing a strong emphasis on the banking relationship and underpinning its offer with proprietary technology. Operating under its own banking license will allow Memo Bank to offer payment, deposit, and financing solutions directly to its future SME clients.
In conjunction with this important milestone, Memo Bank has also closed its latest $23 million funding round with institutional investors who share the bank’s long-term vision: BlackFin Capital Partners, created by the founders of the online brokerage firm Fortuneo; Daphni, who lead the company’s previous funding round; as well as Bpifrance Investissement, the French national investment bank. Other investors include Founders Future, the venture studio created by Marc Ménasé, and a host of other experienced entrepreneurs, many of whom participated in Memo Bank’s initial funding round as well. All have the same objective: supporting growing companies.
The company, formerly known as Margo, is also taking this opportunity to unveil new branding and to affirm its European ambition under its new name: Memo Bank.
A new independent bank: a first in France in fifty years
While new independent actors in the banking sector have emerged in several European countries, no such newcomers have broken into the market in France since 1970. This is the first time in over half a century that a new independent bank has been granted a full banking license in France.
“An arrival on the banking scene like Memo Bank’s is unheard-of, especially when you take into account that the company was built from the ground up—from the regulatory aspects to the operational and technical elements—with the clear intention of future proofing its ability to adapt to SMEs ever-changing needs,” explains Jean-Daniel Guyot, Chairman of Memo Bank’s Management Board.
A bank dedicated to supporting SMEs in their growth and digital transformation.
Given that French enterprises rank 11th in Europe when it comes to digitalization, Memo Bank decided to center its offer around providing expertise and financial support to growing SMEs as they undergo their digital transformation.
Three key concepts drive the offer: the speed of granting loans; the clarity of pricing; and the relevance of tools and advice.
“ As evidenced by the early stages of the Covid-19 crisis, banks are the partners SMEs turn to first. This unprecedented situation serves to reaffirm our long-held conviction that we must build on and deepen this existing relationship in order to support companies in their digitization while also providing straight-forward, modern, paperless banking services, emphasizes Jean-Daniel Guyot.
A high-tech bank with a network of hands-on bankers
To meet its goals, Memo Bank made two defining choices that shaped the company: to develop the technical infrastructure in-house and to recruit a team of highly experienced bankers.
Building a Core Banking System from scratch is another big first. This state-of-the-art infrastructure enables end-to-end protection of the data entrusted to Memo Bank by its clients. It also ensures the integrity of this data by recording it centrally in a manner that does not permit duplication and modification. It also allows for real-time processing and provides reinforced reliability. Above all, it is designed to adapt as clients’ needs inevitably evolve.
A team of entrepreneurs and board members of note
Jean-Daniel Guyot, Michel Galibert, and Tristan Pontet founded Memo Bank in April 2017. Previously, they worked together to develop Captain Train. A company founded by Jean-Daniel Guyot in 2009. Michel Galibert and Tristan Pontet served as CPO and CFO respectively. In April 2016, after becoming the number one independent seller of train tickets in Europe, Captain Train was acquired by Trainline. Trainline went on to be listed on the London Stock Exchange in 2019.
Memo Bank is advised by a supervisory board filled with experienced banking and investment professionals. The company can count on the expertise of Jacques Veyrat, president of Impala; Gilles Denoyel, former deputy CEO of HSBC France; Paul Mizrahi, co-founder of Fortuneo and BlackFin Capital Partners; and Ronan Le Moal, former CEO of Arkéa. ” Even though going 100% digital is the current trend, I was easily won over by Memo Bank’s approach. The idea of putting human interaction back at the center of the banking relationship to better serve SMEs is perfectly aligned with my vision of a bank. ” adds Ronan Le Moal, president of Memo Bank’s supervisory board.
