French fintech Epsor, which specializes in employee savings and pensions, has just completed a €20 million round of financing. The company intends to pursue its development and reach a billion euros in assets under management over the next 12 months.
An online platform for managing employee savings plans
Startup Epsor has set up an online platform for employees with employee savings plans.
Of the 10 million French people concerned, many find it difficult to find their way between the Perco and PEE savings plans, as well as profit-sharing schemes in the form of quotas, and the intéressement bonus, which is proportional to company results.
Epsor's ambition is to simplify the management of these employee savings and retirement products through digital solutions. No fewer than 400 companies have already placed their trust in this French fintech, from financial institutions to the retail, industrial and consulting sectors.
Epsor hopes to convince major groups
Currently, the startup founded in 2017 by Julien Niquet and Benjamin Pedrini has 40,000 savers. It does not manage their money directly, but works in collaboration with various management companies such as Asset Management, OFI and La Financière de l'Echiquier, with the Société Générale group as financial guarantor.
By 2021, the employee savings market will account for 147 billion euros in outstandings. It is highly concentrated, and mainly held by large groups such as Axa, Natixis and Amundi, which have not excelled in developing digital solutions.
This is precisely where Epsor could make a difference, with its platform offering customers the help of a robot advisor to manage their employee savings.
With this €20 million round of financing from Gaia Capital Partners, the startup - which completes the largest fund-raising by a French fintech in the savings sector- intends to double its workforce and pursue its development. Epsor intends to increase its workforce from 60 to 120 by the end of 2021, and to reach a billion euros in assets under management over the next 12 months.