French FinTech startup Nalo has secured a new funding deal, which was led by Mandalore Partners, an asset manager focused on insurance and savings.
This investment sees Groupe APICIL, which is the third biggest social insurance group in France, become the majority shareholder in Nalo. The size of the deal was not disclosed.
The investment aims to bolster Nalo’s business activities and the growth of its assets under management, while also preserving the startup’s independence and full structural and operational autonomy.
Mandalore Partners served as the counsel to the deal and will continue to consult the two firms.
Commenting on the deal, Nalo CEO Numa Jequier said, “This funding round will also keep nurturing the specific strengths that have made us successful as a company since 2018, while benefiting from the support of Apicil’s solid and long-lasting reputation.
“We share the vision and innovative spirit, with Nalo’s mission staying the exact same: we want to revolutionise the savings ecosystem by creating a digital platform which will enable every French person to invest securely in every one of their projects, while knowing that they benefit from the very best customer experience and customer care, from very competitive fees and from tailor-made financial advisory services.”
Nalo’s roadmap for the upcoming months centre on the effort to bolster each of its departments, including investments, product, technology, financial services and marketing. It also plans to enhance its customer experience and build an expanded product line.
The French FinTech launched in 2018 and offers digital and automated asset management and consulting. It combines multi-investment technology and tailor-made asset allocation and securitisation.
Another French FinTech company to recently raise capital is Mooncard. The company automates corporate spend management and raised €37m in a fresh funding round.
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