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French FinTechs are favourites with investors

The French FinTech market is booming. According to the annual KPMG Pulse of FinTech report, €365 million was raised in 2018 by these start-ups which are transforming the banking, insurance and asset management sectors. The amounts raised increased by 11% compared to 2017 but have truly skyrocketed in less than 10 years! In 2010, only €5 million was fuelling this still embryonic sector. 

What were the most significant amounts raised?

The biggest hits with investors in 2018 included virtual currency and blockchain technology security specialist Ledger which raised more than €60 million, followed by the October (formerly Lendix) crowdfunding site with €32 million and online health insurer Alan with €23 million. This financing primarily supports the internationalisation of these start-ups in an ultra-competitive global FinTech market.

Which are the most attractive segments?

After first focusing on disruptive projects in payment solutions, financing and neobanks, investors are now turning their attentions towards the blockchain and InsurTech sectors, which together accounted for nearly a quarter of the funds raised in 2018. More broadly, a shift has been observed in the FinTech model towards the creation of platforms for bankers and insurers, rather than trying to compete directly with them on their own playing field. This trend continued in 2018 with a significant increase in partnerships between financial start-ups and established players. In terms of investment in fintechs, Crédit Agricole Assurances has chosen to invest in the capital of young innovative companies via a fund called FI Venture managed by specialists in start-ups and new technologies: Breega Capital. This fund, set up by the Crédit Agricole Group, today represents 100 million Euros, 45 of which come from Crédit Agricole Assurances.

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