Memo Bank raises 6.4 million euros in first round of funding to create a new commercial bank catering to SMBs.


Less than one year into its existence, Memo Bank completes a 6.4 million euro funding round in order to create a next-generation commercial bank for European SMBs.

Investors include the venture capitalist firm daphni, which specializes in early-stage funding for innovative companies with European and international ambitions, the company founders, and several business angels including Xavier Niel (Iliad), Marc Simoncini (Meetic, Sensee), Jacques–Antoine Granjon (, Thibaud Elzière (eFounders), Franck Le Ouay (Criteo), Rachel Delacour (Zendesk), Thierry Petit (Showroom Privé) and Alex Lebrun (Virtuoz, 

In Europe, commercial banks have always played a crucial role in financing the economy, but traditional actors are finding themselves somewhat limited by the internal constraints they have accumulated over the last few decades. Whether these are technological or operational in nature, or stem from the obligation of managing their historical product offerings, the effects can stifle innovation. Furthermore, their services are predominantly geared towards midcap and large companies despite the fact that 99.8% of active businesses in Europe today are SMBs, and 80% of banks considers SMBs to be a segment with high growth potential over the next three years. Not unsurprisingly, 68% of SMBs admit they would be willing to leave their bank for a competitor offering better financial services.

Enter Memo Bank. Given this context, it will tailor its deposit, payment, and credit services to the needs of European companies who exceed 1 million euros in annual turnover. To engage this clientele, Memo Bank is taking a two-pronged approach. A team of experienced bankers benefitting from focused and continual training will be dedicated to fostering the client relationship. To complement this personal attention, a streamlined and user-friendly digital experience will be available via web and mobile applications that will be compatible with other products and services (accounting, invoicing, expense reporting, etc.) used by client companies.

This initial round of funding is intended to accelerate the construction of Memo Bank’s technical infrastructure and to reinforce the existing team. With no historical deadweight, Memo Bank is free to create a bank that is modern from the outset and capable of innovating well into the future. The goal is to develop a flexible and adaptable banking infrastructure in-house, enhanced by intuitive user-interfaces, and incorporating user data as judiciously and effectively as possible – while taking into consideration the security, privacy, and reliability concerns that are fundamental to banking. 

During this structural phrase, an application for a full banking license will be made to the Autorité de contrôle prudentiel et de résolution (ACPR), the French governing body for banks and insurance companies, and to the European Central Bank (ECB). In parallel, Memo Bank will also pursue partnerships with European banks and insurers. 

“We are convinced that the crux of what banks have to offer lies in the quality of the client relationship, the level of personalized service as well as the simplicity and compatibility of the digital tools designed to facilitate that relationship. To establish the trust that is paramount to these kinds of relationships, we have brought together talent from across risk management, compliance, client relations, and tech to reinvent the banking experience for SMB executives and their teams. We are delighted to have been able to surround ourselves from the very beginning, in this our first funding round, with investors who are excited about the ambition and aligned with the long-term vision of our project,” affirms Jean-Daniel Guyot, co-founder of Memo Bank.