rewrite this title Finovate Global France: Cash Management, Banking Licenses, and Services for Seniors – Finovate

This week’s edition of Finovate Global looks at recent fintech headlines from France.

Spiko secured $22 million in Series A funding

French fintech platform Spiko has raised €18.9 million ($22 million) in Series A funding. The round was led by Index Ventures and featured participation from White Star Capital, Frst, Rerail, Bpifrance, and Blockwall. Spiko will use the funds to power its go-to-market strategy and to make investments in sales, marketing, product development, and new partnerships.

Founded in 2023 and headquartered in Paris, Spiko offers a cash management platform designed to democratize access to money market funds and treasury yields. Spiko leverages tokenization technology to enable individuals and businesses to earn interest on their cash by investing in Treasury bills.

“In Europe, there’s a mistaken belief that your money won’t earn interest unless you lock it away or take on risk,” Spiko Co-founder Paul-Adrien Hyppolite said. “But as long as central bank rates are above zero, sitting on idle cash means European businesses are missing out on returns that US competitors routinely receive. With Spiko, we’re changing the game by making it easy for anyone to put their cash to work.”

Spiko’s business is based on what the company says is €21.5 trillion in European bank deposits that are “missing out” on higher yields. These funds also lack essential capital protection and contribute to capital inefficiency. This is unlike in the US where systems for managing liquidity are more sophisticated, enabling both small companies and large enterprises to earn interest on their cash holdings without fear of losing liquidity. Meanwhile in Europe, more and more companies have been seeking better cash optimization strategies, as well as ways to diversify their cash deposits. As a former economist at the French Treasury, Hyppolite—and his co-founder Antoine Michon, who was a technology advisor to France’s Minister of Public Sector Transformation—have had a front-row seat to this challenge.

After a year in operation, Spiko has more than €344 million ($401 million) in AUM and has processed more than €775 million ($902 million) in working capital from 1,000+ businesses. Spiko anticipates achieving €862 million ($1 billion) in AUM by the end of the year.

Paris-based Qonto seeks banking license

Financial management solution provider Qonto is looking to grow its lending, savings, and investment capabilities and has applied for a banking license from France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) in an effort to make it happen. The company, which is headquartered in Paris, currently holds a payment institution license. But securing full bank authorization would enable the firm to expand its offerings to its customers across Europe.

“SMEs need comprehensive financing solutions, and while we already serve many customers through partnerships and our Pay Later service, a banking license will enable us to expand these capabilities with complete independence,” Qonto CEO and Co-Founder Alexandre Prot said. “This application builds on our proven financial performance, having achieved profitability ahead of schedule in 2023, and supports our mission to create financial freedom for two million SMEs and freelancers across Europe by 2030.”

Qonto offers a B2B account for finance management that provides businesses with automated tools to help them manage their finances, adhere to regulations, and make better financial decisions. Businesses can use Qonto to make and receive payments, send invoices, manage expenses, seek financing, and monitor cash flow. Currently operating in eight European markets including France, Germany, Italy, and Spain, Qonto could also be positioning itself before new payment regulations in the EU—specifically Payment Services Directive 3 (PSD3) and Payment Services Regulation (PSR)—become fully implemented.

Founded in 2017 by Prot and Steve Anavi, Qonto has raised more than €600 million in funding.

Skarlett raises €8 million to bring financial services to seniors

In a funding round led by 115K, the venture capital arm of La Banque Postale, French fintech Skarlett has raised €8 million ($9.3 million) in seed funding. The Parisian-based company offers a financial services platform designed for adults over the age of 60. Nearly a third of the French population meets this qualification, yet Skarlett founders Townley Le Guénédal, Benjamin Gaignault, and Aurélien Gouttefarde have wagered that these seniors are being underserved by conventional financial institutions.

“We want to bring simplicity, transparency, and negotiation power back into the hands of this generation,” CEO Le Guénédal said. “Retirement doesn’t make you invisible. People want to live fully, invest, and protect their loved ones. Skarlett is here to help them do that.”

To this end, Skarlett offers a number of products—such as personalized health insurance, mortgage, and credit options—that are designed for the unique circumstances of older borrowers and savers. The company also offers senior-focused life insurance through a partnership with Generali.

The round also featured participation from Raise Seed for Good and Alven, which led Skarlett’s pre-seed funding round in 2023, the year the company was founded. Skarlett will leverage the proceeds of its latest capital infusion to launch its own tailor-made financial solutions for adults over the age of 60 and to invest in AI to enhance the customer experience with more personalized recommendations.

Here is our look at fintech innovation around the world.

Asia-Pacific

Singaporean fintech Chocolate Finance integrated transaction enrichment technology from Snowdrop Solutions into its mobile app.

Mobile payments platform QwikPay launched in Australia.

Philippine National Bank (PNB) partnered with Japan’s Digital Wallet Corporation to enhance its money transfer services.

Sub-Saharan Africa

MoneyBadger, a bitcoin payments startup based in South Africa, raised $400,000 in pre-seed funding.

South African fintech Stitch has acquired digital payments company Efficacy Payments.

Network International teamed up with Ghanian fintech and mobile money aggregator Blu Penguin.

Central and Eastern Europe

Lithuanian Electronic Money Institution Genome teamed up with Huch for real-time payment alerts.

French fintech Silvr announced plans to enter the German market.

Walletto, a payments platform based in Lithuania, announced a partnership with financial consultancy Fintech Poland.

Middle East and Northern Africa

Central and Southern Asia

Pakistan’s Faysal Bank partnered with digital payments and acceptance solutions provider Smart1-Tech.

Cybersecurity and IT services provider Intersys launched in India.

TBC Uzbekistan earned a spot on CNBC and Statista’s “World Top Fintech Companies” roster.

Latin America and the Caribbean

Global payments processor Thredd forged a strategic partnership with Puerto Rico-based payments enabler Payblr.

Paytech Global Payments renewed its partnership with Banamex to enhance payment solutions for the Mexican acquiring and banking services market.

The Trump Administration has called for an investigation into Brazil’s digital trade practices, including its instant payment system Pix, over alleged unfair treatment to US companies.

Photo by JOHN TOWNER on Unsplash

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