France-based Finance management platform Linxo has received €20m in its latest funding round.
The investment saw contributions from Crédit Agricole, Crédit Mutuel Arkéa and MAIF.
Founded in 2010, Linxo is a mobile and website-based finance management platform which helps users keep track on accounts, bank cards, savings, stock exchanges, life insurance and savings, among others. The application, which is free and available on iOS and Android and Windows 10 Universal, gives users access to nearly 320 banks, real-time information on salary and expenses, calculations on what savings can be made and a search function to find a specific transaction.
The company’s bank account aggregation solutions has been used by more than 1.4 million people, according to the company. The company has made business partnerships with banks including with Fortuneo, BforBank, HSBC and MAIF, among others.
With this equity Linxo plans to develop its platform to create an ‘increased financial assistant’ which will become a personal financial hub for users. The company is also planning on expanding its operations internationally, with the European opportunity a major opening with the upcoming Payment Services Directive No2 (DSP2).
Linxo co-founder Bruno Van Haetsdaele said, “Today, Linxo can predict a 30-day overdraft on all your current accounts; tomorrow we will allow the user to fill it in advance in a few seconds and assure him that he will not be able to fall short if he has money available on another account. We can apply this logic to everything that concerns your money and your finances.”
Following the latest capital injection, total funding raised by Linxo has reached €23.2m.
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