The French pioneer of money management apps intends accelerating its R&D and is offering each European their personal, digital advisor.
Accompanied by lead investor Omnes Capital, CommerzVentures and Generation New Tech, this fintech nugget is continuing to transform the market and now facilitates making transfers, a first in Europe.
On the eve of the opening up of the European market for payment services (the DSP2 directive), Bankin' is particularly well placed to bolster its position as leader.
Paris, 10 January 2017 - For 6 years Bankin' has revolutionised the management of bank accounts using a mobile app that simplifies and clarifies money management. It offers an intelligent look at bank accounts, expense items (automatic categorisation) and monthly budgets. It also allows steering your money using a forecast end of month balance and automatic alerts of risks of going into overdraft. While Bankin' can put together several accounts at different banks, the app also serves those who hold accounts at a single bank (about 65% of its users).
Set up in 2011 by Joan Burkovic and Robin Dauzon, the French start-up has today announced raising EUR 8.4 million from Omnes Capital (lead investor), CommerzVentures, Generation NewTech and business angels.
This funding will let it accelerate its R&D to boost its app's functionality. Bankin' is developing into the role of personal coach, independent of the banks, capable of managing money on a daily basis based on the user's circumstances: intelligent transfers to avoid overdraft and boost savings, suggestions for renegotiating a mortgage, and advice for good management.
Possibility to make bank transfers: a first in Europe
Bankin' will shortly be offering bank transfers (currently in testing), between a person's own accounts or to third parties. This much awaited function for users offers the app a new dimension, directly taking the place of traditional transfer services, but with the excellent intuitiveness and simplicity of the Bankin' interface.
"Thanks to this funding, we will be accelerating our innovations and meeting new requirements as expressed by our users. The possibility to make transfers in a few clicks, relevant and personalised advice for better management of your money on an everyday basis, an enhanced user experience... will all contribute to developing a more successful and intelligent solution, " says a thrilled Joan Burkovic, CEO and co-founder of Bankin'.
"Our investors straight away signed up to our vision and our values, and we remain independent of the banks, something we hold very dear. Their support is vital to pursue our ambitious growth targets in the months and years to come," adds Joan Burkovic.
"The Bankin' app is clearly a leader among the various personal finance management solutions. However, it is the vision of the two co-founders, Joan Burkovic and Robin Dauzon, combined with an ambitious outlook on product development, which is what convinced us to support the company, " explains Xavier Brunaud, Chief Investments Officer at Omnes Capital.
Bankin' today has 1.5 million users, 2 million synchronised bank accounts and over 300 million synchronised transactions every month. The app is connected to over 350 banks in Europe and is available in 4 countries including France. The start-up currently has a staff of 30.