The start-up Memo Bank, formerly known as Margo Bank, announces a new round of 13 million euros which completes its last round of 20 million euros in June 2020. The round table was led by Serena Capital.
Thanks to this new envelope, Memo Bank wishes to accelerate the development of its banking products to become the main financial partner of growing SMEs.
Offer adapted services
The creation of Memo Bank is based on the following observation: SMEs and midcaps are often structures too small for the big banks to offer them tailored services. The idea was therefore to create a banking establishment on which growing SMEs can rely by providing them with all the tools they need to manage their cash flow: current account, loans and means of payment.
Memo Bank was created in April 2017 under the name TrustBK. A few months later, he raised nearly 7 million euros from several entrepreneurs and investment funds while he has not yet received the approval allowing him to perform the missions of a banking establishment. It was not until June 2020 that the Prudential Control and Resolution Authority (ACPR) and the European Central Bank (ECB) issue an authorization that allows this young growth to offer its own payment, deposit and credit services to its future customers.
Memo Bank offers many tools, such as a current account, credit offers, access to IBANs … but also the possibility of managing several current accounts, making group transfers, previewing upcoming transactions. or to follow direct debit mandates. Besides these digital functions, Memo Bank has a team of several business managers dedicated to commercial prospecting.
The solution appeals
Memo Bank, which is established in Paris and Lyon, targets companies with less than two million annual turnover and with more than 10 employees. This represents nearly 150,000 SMEs in France. Although Memo Bank does not communicate on its number of customers, it affirms that its solution is attractive. “The reception that our customers give to our products and to our experienced bankers in the field is excellent.“, rejoices Jean-Daniel Guyot, co-founder and chairman of the management board of Memo Bank.