Arkéa Buys Out Budget Insight
- Crédit Mutuel Arkéa hits hard on the FinTeh industry as they just announced they are acquiring the French aggregation service Budget Insight.
- This buyout covers 80% of Budget Insight’s capital.
- The FinTech will keep their current management team. They may, however, rely on Crédit Mutuel Arkéa support for their ongoing rollout processes.
- Crédit Mutuel Arkéa says that this acquisition will allow them to
- provide their customers with services from this FinTech,
- Open an Open Banking platform,
- Build stronger synergies between their subsidiaries, distribution networks, Fortuneo e-banking service and Max virtual assistant.
- This acquisition still needs to be approved by banking authorities.
- 2012: Budget Insight was founded
- This FinTech collects data from over 300 players (banks, insurance companies, retailers, marketplaces, administration services, etc.)
- 160 BtoB customers
- 40 employees
- 3 million turnover for 2018
- Over 50% growth objective for their turnover within 5 years
- Consolidating their technological edge. Budget Insight will rely on support from Crédit Mutuel Arkéa to consolidate their technological lead.
- Further rolling out Budget Insight. Besides their leading position in France, Crédit Mutuel Arkéa commits to supporting the development of their activities more globally, across Europe.
- Feeding banking players’ ambitions. Leetchi, Grisbee, Linxo, Younited Credit, Pytheas Capital Advisors or Yomoni… a long list already, and this buyout by Crédit Mutuel Arkéa further stresses the banking group’s open strategy.
- Consolidating a cutting-edge position. Crédit Mutuel Arkéa keeps including innovative FinTechs and highlights a pioneering approach to digital services.
- The Open Banking race was kicked off as PSD2 provisions started being implemented over a year ago. In order to underline their cutting-edge position, Crédit Mutuel Arkéa moved on to making room for an Open Banking ecosystem.
- This buyout provides this institution with a “ready-made” ecosystem which already proved its worth on the market.