The European Investment Bank (EIB) has granted Famoco a €20 million loan. This financing will enable the fintech to accelerate its innovation strategy and strengthen its international presence, particularly in Africa. For further details.
300,000 terminals used by over a thousand companies worldwide
Founded in 2010 by Lionel Baraban and Nicolas Berbigier, Famoco offers a solution of secure Android-based professional mobile terminals. These terminals, which feature a contactless card reader (NFC) or barcode scanner, enable companies to deploy their business applications securely. Their users can manage numerous transactions a day, and top up their prepaid or transport cards.
Famoco sells its terminals not only in Europe, but also in Africa, India, North America and South-East Asia. In 10 years, over 300,000 terminals have been used by 1,400 companies in some 50 countries worldwide, including 30 in Africa.
At the end of 2018, Famoco presented its latest terminals for mobile workers (handheld, ruggedized, tablets and wall-mounted validators) designed to address the issues faced by companies with employees in the field. Easy to deploy, these terminals are highly maintainable, and enable better control of the costs generated by these projects. The company now intends to pursue its innovation strategy and accelerate its international development.
The EIB finances Famoco's development
Building on its expertise in the transport, payment and identity sectors, Famoco aims to consolidate its international presence, particularly in Africa. On January 31, at the Change Now trade fair for positive-impact solutions, the EIB's vice-president announced a €20 million loan to Famoco. The loan is part of the European Growth Finance Facility, guaranteed by the European Fund for Strategic Investments, better known as the Juncker Plan. This facility authorizes the EIB to lend non-dilutive funds, with repayment at maturity.
This strong backing should enable Famoco to develop even more innovative mobile payment systems, stimulating job creation and growth in over 50 countries, including several on the African continent. According to Lionel Baraban, the company, which anticipates sales of between 15 and 20 million euros for 2019, now aims to become "the leader in responsible transactions, giving people the opportunity to carry out transactions with digital confidence and at an affordable cost". But Famoco is up against French and American heavyweights Ingenico and Verifone.