Linxo, one of the most promising French startups has recently raised $24 million from three financial institutions — Crédit Mutuel Arkéa, Crédit Agricole and MAIF. The Fintech company aims to improve banking apps in the country, which are quite slow to adopt new features, such as fingerprint readers, widgets and more.
Bank Accounts in the Same App
Thanks to this fund raising, the most important for this French Fintech company, Linxo intends to increase its financial assistance solutions and aims to become the personal financial hub for banking.
While maintaining complete commercial independence, the company will continue to make its technology available to its direct users, via its Linxo application, and to its B2B partners such as banks, NBFCs and other retail businesses.
This investment is at the crossroads of three strategic dimensions such as the increase of service offering, digitisation, and the introduction of new development territories.
Many people have more than one bank account. It becomes quite tedious to check your balance and transactions on all your accounts as you have to deal with multiple shitty apps. Linxo is trying to solve that by building an above average app and service that connects to all your bank accounts. The startup supports dozens of French banks. At first, you need to give Linxo your bank account login information.
The company’s servers will then periodically sync past transactions. This way, you get a good overview of all your bank accounts in one app. You can see past transactions and charts about money you’re spending. It’s a good way to get insights about your financial situation.
Currently Linxo is No. 1 in France for bank account aggregation solutions with more than 1.4 million people who use its application, with several million users accessing its technology via banks and insurance partners.
Building a Full-Fledged Financial Hub
But the company plans to go one step further and build a full-fledged financial hub. Its competitor “Bankin” has already introduced a way to transfer money between accounts in different banks. This feature is currently limited to a handful of banks.
Linxo has still something similar in mind, as well as ways to save money, get a credit line and buy insurance products. The company has been working on Linxo Connect, a way to sign up to new financial services without leaving the app, using APIs. With today’s funding round, the startup plans to expand to other European countries.
Linxo is also working with French banks to help them with their apps and websites. This could be a lucrative market as well.