BNP Paribas takes majority stake in Compte-Nickel

According to a company spokesperson, Compte-Nickel was introduced to BNP Paribas by Partech. The group had previously made mention of a potential public listing that would enable the exit of existing investors.

The deal marks the exit of Partech, which had been Compte-Nickel's main backer since 2015, and that of additional previous investors, including Eight Roads. The French tobacconists' union, which had invested in the group through the same funding round as Partech, is the only existing investor retaining a stake in the company.

BNP Paribas's support should mainly help the fintech group accelerate its new customer acquisitions, with plans to make its services available in 10,000 tobacconists by 2020. Compte-Nickel will continue to function independently from BNP Paribas, the investor said.

During its holding period, Partech appointed Arnaud Giraudon as managing director. With the GP's backing, the French startup opened 540,000 bank accounts in the space of three years. It is now aiming for two million accounts by 2020.

Company
In 2015, Partech injected €4m into Compte-Nickel as part of a €10.2m funding round. According to unquote" sources, investors alongside Partech included Financière Idac, HGDLMA Holding, Confédération des Buralistes de France, and Compte- Nickel's two founders Ryad Boulanouar and Hugues Le Bret.

The transaction marked the fintech group's first institutional funding round and brought the total capital it had raised so far to more than €30m. With Compte-Nickel, Partech closed its third investment in the fintech sector that year, drawing equity from its €130m Partech International VI fund.

Eight Roads joined the pool of investors in 2016 through a further funding round.

Company
Founded in February 2014 by Ryad Boulanouar and Huguges Le Bret as a business unit within Financière des Paiements Electroniques (FPE), Compte-Nickel offers real-time current account and payment services, allowing customers to open and manage a savings account without the need of a bank. The business operates via a large network of France-based tobacconists, where an account may be set up for a yearly €20 fee by providing an ID and phone number.

Headquartered in Charenton-le-Pont, Compte-Nickel employed 52 professionals as of 2015 and claims to have attracted 500,000 customers since inception.

People
Partech Ventures – Phillippe Collombel (co-managing partner).
Eight Roads – Davor Hebel (managing partner).

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