• French FinTech companies raised $65m in Q3 2022 across 22 FinTech deals. Based on deal activity from Q1 – Q3 it is expected that France will reach 163 FinTech transactions in total for 2022. Paris was the most active FinTech city in France during Q3 2022 accounting for 14 deals, a 63% share of total transactions.
• Regate, which automates your financial and accounting management, was the largest FinTech deal in France during the third quarter raising $19.2m in their latest Series A funding round led by Valar Ventures. The company intends to use the funds to accelerate product development and expand operations and its business reach in Germany and Spain. Regate is currently working with 10,000 clients and plans to become a certified platform for digitized receipts. This move will foster customer adoption as companies will be looking at solutions to help them comply with French regulation.
• France has recently passed the 2022 Finance Bill which has amended the applicable tax regime. Starting on 1st January 2023, capital gains on crypto-assets will be taxable as non-commercial income if they are made in conditions similar to a professional and, correlatively, capital gains on crypto-assets will be taxable as commercial income if made on a professional basis. The French tax authorities are expected to release guidelines in the coming months to clarify the distinction between capital gains made by taxpayers when managing their private wealth and those made under conditions similar to a professional.
