Crédit Agricole has acquired a stake of over 85% in fintech Linxo, which specializes in payment aggregation and initiation services. This majority stake is fully in line with the bank's strategy of offering customers innovative payment services "at the best market standards".
Linxo, an application for managing your accounts, savings and budget
Linxo was founded in 2010 by two engineers, Hugues Pisapia and Bruno Haetsdaele, to offer savers a new way of tracking and managing their finances. The fintech centralizes all transactions on bank accounts held with one or more banks, whether personal or business accounts. In all, some 320 banks are compatible.
The account aggregator offers a wide range of features for monitoring your budget, such as categorizing expenses, adding notes or setting budget targets. Linxo also sets itself apart by giving users with a "Linxo Premium" subscription access to a budget forecast. Thanks to an exclusive algorithm, users can forecast their account balances over 30 days and avoid bank overdrafts.
In February 2020, Linxo Group obtained ISO 27001 security certification for its payment facility. The startup once again demonstrates that bank data security remains its top priority. This standard provides additional digital confidence for its users and partners.
Crédit Agricole acquires 85% stake in fintech Linxo
Earlier this year, the bank announced that it now owns over 85% of the bank account aggregator, which offers APIs as well as complete white-label mobile application solutions. The amount of the transaction was not disclosed, however.
Since 2010, innovative payment and banking information players have proliferated without the banks perceiving the danger. Now aware that these intermediaries stand between them and their customers, the banking groups are trying to regain control. The acquisition of Linxo, a long-standing partner of the Crédit Agricole Group, should enable it to accelerate and strengthen its services in France and abroad. In a press release, Bertrand Chevallier, CEO of Crédit Agricole Payment Services, points out that this operation is in line with the Group's strategy of offering customers "innovative services at the highest market standards". It opens up the prospect of new digital services and innovation based on financial data for Crédit Agricole's individual and professional customers.
For its part, Linxo benefits from the power of one of Europe's leading banking groups, and can continue to develop its business with institutional customers.