Linxo raises €2m from Crédit Agricole et al.

José Rojo
20 January 2016

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French personal finance management service Linxo has secured €2m in funding from new investor Crédit Agricole and historic backer Crédit Mutuel Arkéa.

The injection will finance Linxo's international expansion plans. The business claims to have become a leader within the French bank account aggregation segment and is now looking to enter additional European markets, where the industry is not as developed.

To support the expansion, the fintech specialist will add new professionals to its technical team and boost its communications strategy. Having recently developed an algorithm that allows banks to predict how the sale of an account will play out, the startup is now targeting professionals and small businesses via a tailored version of Linxo Pro.

During the €2m round, Crédit Agricole's contribution came via its dedicated innovation and investment arm Fireca.

Meanwhile, Arkéa has worked in partnership with Linxo since becoming a shareholder in the business during a €530,000 first investment in 2012. Since that year, both parties have jointly developed Fortuneo Budget, a scheme offered to customers of Arkéa's online banking service Fortuneo.

Company
Founded in 2010, Linxo operates an online and mobile platform allowing clients to handle their bank accounts and budgets. Headquartered in Aix-en-Provence, the business is available on the iOS, Android, Windows Phone, Blackberry and Amazon Kindle systems and claims to have secured 850,000 individual and corporate clients since inception. Its current headcount sits at seven people.

People
Crédit Agricole – Serge Magdeleine (director of marketing and digital).
Crédit Mutuel Arkéa – Dominique Andro (deputy managing director).
Linxo – Bruno Van Haetsdaele, Hugues Pisapia (co-founders).

Advisers
Equity - SODICA Corporate finance, Antonia Lambert-Alcantara, Augustin Payenneville (Corporate finance); Direction Juridique Crédit Agricole, Annabel Girel (Legal); Baker & McKenzie, Savéria Laforce (Legal).
Company - Solutions d'Experts, Jean Luc Rumeau (Corporate finance); Doria Avocats, Henri de Crozals (Legal).