€10M financing round for Compte Nickel, a French “bank-less” account service, led by Partech Ventures

Partech Ventures has announced that is has led a new €10M financing round for Compte Nickel, the first French “bank-less” account service.

“Partech Ventures was greatly impressed by the experience of Compte Nickel’s management team which offers a simple and innovative high-tech solution that disrupts the rules of personal finance“, said Philippe Collombel, Managing Partner at Partech Ventures and member of the Financial Supervisory Committee of Financière des Paiements Electroniques (EPF), Compte Nickel’s parent company.

Compte Nickel offers consumers bank-less accounts that can be opened at convenience stores, in real time, requiring only an ID and a telephone number. The service costs €20 per year and entitles the user to an account with a MasterCard and a personal web interface which provides customer service and account details.

As of today, 1,000 convenience stores have been registered, and the service has already attracted 150,000 customers:

“The founders of Compte Nickel had the idea to rely on the network of 27,000 newsagents in France to market their disruptive service. Knowing this network attracts 10 million daily customers allows us to assess the potential market size that can be addressed by the company,” added Philippe Collombel.

With its €4M investment in Compte Nickel, Partech Ventures is the single VC of this €10.2M financing round.

“The experience of Partech Ventures, both in fintech and in deploying large-scale business models, is crucial to accelerate our growth,” explains Hugues Le Bret, Chairman of the Supervisory Board of FPE.

“We have proven our business model and are now entering a roll-out phase. Our ambition is to attract 1 million new customers within 3 years. The new services we are launching, such as an account for 12 to 18 year-olds, will make us a leader in financial services in France,” said Ryad Boulanouar, President of EPF.

This new investment is part of Partech Ventures’ strategy to invest in businesses that have the potential to transform the economy and change the rules of major sectors.

“Finance is now at the heart of the digital transformation, and fintech is an important investment field for Partech Ventures,” said Philippe Collombel.

Partech Ventures has already shown a significant commitment to the fintech sector, with investments in Lendix (Paris), Auxmoney (Berlin), Bolt (San Francisco), Kantox (London) and Novicap (Spain).

About Partech Ventures :

Since 1982, Partech Ventures has helped outstanding entrepreneurs build companies that will be remembered. The firm invests in high growth companies in the digital and information technology fields through three funds: seed (Partech Entrepreneur), venture (Partech International) and growth capital funds (Partech Growth). Located in the Silicon Valley, Paris and Berlin, the Partech team has extensive experience in the international development of companies. Throughout its history, Partech Ventures portfolio companies have completed 21 initial public offerings and more than 50 M&A transactions with major international companies at values in excess of $100MM. Preqin, an independent global research firm, has ranked Partech Ventures as one of the ten best performing venture capital funds in the world and the only European fund in the top 25.

 

Source: Partech Ventures Press Release

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