French Fintech Sector Continues to Grow, Now a Major Part of the Tech Industry in France: Report

The 2022 list of firms making up the French Tech Next40/120 indices was recently announced by the nation’s government.

As a reminder to industry participants, these initiatives provide support intended specifically for French scaleups that are capable of becoming “world-class” technological leaders.

The Next40 and the FT120 have been renewed with respectively 15/40 and 36/120 new entries, including a relatively high number of Fintech platforms.

The fast-growing ecosystem strengthens its position as the major sector in the Next40, with an increasing proportion (from 10 to 13/40) and second in the FT120 (from 19 to 21/120). One in three startups in the Next40 is notably a Fintech initiative and one in six in the FT120.

Here are the details of the Fintech members of the Next 40 / FT120:


  • 5 entrants : Descartes Underwriting, Alma, Spendesk, Swile, Ornikar*
  • 2 outgoing: October and Wynd


  • 4 entrants : Agicap, Leocare, Pennylane, Yousign
  • 2 outgoing: Lemonway, Kovers

Next40 / FT120 Fintechs:

  • Agicap : Operational services / Accounting – Taxes – Cash
  • Alan : Insurance / Global Insurance
  • Alma : Financing / Credit – Credit brokerage
  • Descartes Underwriting : Insurance / Property Insurance – Broker
  • Ivalua : Operational Services / Customer Relationship Management – ​​Automation
  • Ledger : Regtech-Risks / Cybersecurity
  • Leocare : Insurance / Property insurance – Broker
  • Luko : Insurance / Property insurance – Broker
  • Lydia : Banking-PFM / Neobanks
  • Best rates: Financing / Credit – Credit brokerage
  • Ornikar : Insurance / Property insurance – Broker
  • Papernest : Regtech-Risks / Contract management
  • Payfit : Operational services / HR – Payroll – Benefits and salary management
  • Pennylane : Operational services / Accounting – Taxes – Cash
  • Qonto : Banking-PFM / Neobanks
  • Shift Technology : Insurance / Claims management – ​​Customer management
  • Spendesk : Operational services / HR – Payroll – Benefits and salary management
  • Swile : Operational services / HR – Payroll – Benefits and salary management
  • Wynd : Payment Services / Payment Infrastructures – PoS
  • Younited : Financing / Credit – Credit brokerage
  • Yousign : Regtech-Risks / Contract management
  • * Ornikar: EdTech -> Taken into account in the fintech category “given that the main purpose of the last fundraising announced was to develop the insurance business.”

As covered, Avolta Partners had distributed a note highlighting the gangbuster year for the French startup ecosystem. Avolta is a French boutique investment bank that is participating in this sector that says it is one the most active M&A firms in Europe in the tech industry, including Fintechs.

Avolta points to a report by Bloomberg that claims France-based early-stage ventures are “raking in funds.”

To quote the report:

“In 2020, France’s tech firms amassed the same amount of funding as their German counterparts for the first time. But they still trail those in the U.K., where startups raised almost three times as much in the first half of the year, a fact Cedric O, France’s minister for Digital, shrugs off. If French momentum keeps up, “London will have reasons to worry in the long run.”

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