French digital startup Memo Bank raises ?20m

FinTech Memo Bank has raised ?20m in a Series A round led by BlackFin Capital.

Bpifrance, Daphni, Founders Future and 60 French entrepreneurs also participated in the raise.

Founded in May 2017 as Margo Bank, Memo Bank is a bank with its own core banking system specialising in helping SMEs. It will supply deposit, payment and credit services to businesses that exceed ?2m in annual turnover and have more than ten employees.

It was licensed by the French regulator ACPR and the European Central Bank (ECB) in June, which was the first time in 50 years a new bank was created in France, according to BlackFin.

The bank plans for a commercial launch in September this year.

Memo Park raised ?6.4m in 2018.

Earlier in June, BlackFin led Danish accounting solution startup Likvido’s ?2.5m seed round.

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