Margo Bank, a new European challenger bank for SMBs, has collected €6.4m in its funding round.
Contributions to the investment came from early-stage venture capital firm daphni, Margo’s founders, and a group of angels. The group of angel investors included Xavier Niel, Marc Simoncini, Jacques–Antoine Granjon, Thibaud Elzière, Franck Le Ouay, Rachel Delacour, Thierry Petit and Alex Lebrun.
Founded in May 2017, Margo is a banking institution that aims to support European SMBs, by tailoring its deposit, payment and credit services to businesses that exceed €1m in annual turnover. To do this, the platform integrates both experienced bankers and a streamlined and user-friendly digital experience.
The digital solutions will be accessible on both desktop and mobile devices, providing clients access to accounting, invoicing, and expense reporting, among other services. During its current structural phase, Margo will look to apply for a full banking license with the French banks and insurance governing body Autorité de contrôle prudentiel et de resolution and with the European Central Bank.
Partnerships with over European banks is also a key aim for Margo Bank.
This initial burst of equity will be used to bolster the creation of Margo’s technical infrastructure and reinforcement of the current team. The bank is aiming to construct flexible and adaptable banking infrastructure in-house, supported by user data.
Margo Bank co-founder Jean-Daniel Guyot said, “We are convinced that the crux of what banks have to offer lies in the quality of the client relationship, the level of personalized service as well as the simplicity and compatibility of the digital tools designed to facilitate that relationship.
“To establish the trust that is paramount to these kinds of relationships, we have brought together talent from across risk management, compliance, client relations, and tech to reinvent the banking experience for SMB executives and their teams.”
Last year, daphni made a contribution to the €6m funding round by France-based Foxintelligence. The company measures e-commerce activity, helping retailers to see their best-selling products and boost revenues.
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