Memo Bank, a France-based independent banking group, announced earlier this week it has been authorized by the European Central Bank (ECB) and the French banking authorities (ACPR) to launch their banking services. Founded in 2017, Memo Bank states it is on a mission to provide SMBs with the financial products and services they deserve by building a brand-new bank from the ground up.
“We are a very young company, so you’ll have the chance to join the project from its inception. You’ll work in a company with no technical debt (it does not happen often) or antiquated internal administrative procedures. You’ll have carte blanche to define with us what our future bank will look like.”
While sharing more details about the banking group, Jean-Daniel Guyot, Chairman of Memo Bank’s Management Board, stated:
“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.”
Along with announcing the licensing news, Memo Bank revealed it secured $23 million through its latest investment 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 leads 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.