Some figures on French FinTech
350 FinTech in France in 2019.
A goal: to make France the leader in FinTech
Resources: the French government is mobilizing around a strong investment in the FinTech sector: a mobilization of €5 billion, the creation of 25,000 jobs, and a goal of 25 French unicorns by 2025.
Fundraising for French nuggets: in the first half of 2019, €354 million was raised for FinTech.
Who are the French FinTechs ?
Neo-banks.
Neo-banks are gaining ground and are becoming more and more numerous in the FinTech landscape in France. Indeed, the flexibility they bring to customers allows for more sophisticated and satisfying user experiences than traditional banks.
AI specialists.
With millions of financial data, AI has its place in finance. Whether it’s for market finance or financial consulting, AI seems to outperform and offer revolutionary solutions in this field.
RegTech.
These start-ups, which support banks in data management, cover all aspects of data: identity control, data protection, risk management, market surveillance, etc. Because of the regulations that are at the heart of their business, they combine advanced technology and regulation.
InsurTech
The ecosystem of insurance start-ups is also booming this year. Brokers, business services, collaborative insurance, the Insurtech categories are varied, the start-ups numerous, and their opportunities are tenfold.
"FinTech For Good".
These FinTechs focus on ecological, societal and human issues. Although still underdeveloped today, a study by FinTech France and Mazars shows that there is a craze for this type of start-up, and 86% of respondents believe that « FinTech for Good » will develop in the coming years.
Who supports them? ?
Many funding and support organizations are turning to FinTech. Among them, we can count BPI France, which provides support to innovative companies. There are also specialized incubators, such as Novapuls in Nantes for example, which offers support programs, meetings with experts, an acceleration program and coaching to prepare for fundraising. In addition, several associations have also developed, such as France FinTech, which participates in the development of French FinTech.
The word of the expert
How can FinTech have a positive impact on societies?
« Finance is one of the last sectors that have not been disrupted by the world of start-ups with the presence of historical players. The emergence of new technologies and the resulting new uses bring business models and services that provide undeniable advantages for the general public.
FinTech therefore has an essential role to play within finance to propel innovation and a certain disruption in an environment that has fundamentally not evolved in depth for several decades.
Thus, start-ups like N26 or Revolut allow for banking services that are more adapted to digital-native targets, with much more advantageous offers.
Such unicorns are today only the tip of the iceberg, as the disruptive technologies carried by FinTechs such as Artificial Intelligence and Blockchain will accelerate innovation in Finance and more broadly impact our society at all levels. »
Christophe Renaudineau – Associate Researcher of Robank Hood
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