FinTech: Heoh Granted PI Status

Heoh –the FrenchTech labelled innovative company by the competitive cluster Finance Innovation– has been granted Payment Institution status by the ACPR. They stand out as the first PI focusing on charity causes and solidarity.

Through this status and the official launch of Heoh Payments, this French FinTech sees big and prepares larger scale rollouts for their digital solution meant to help collect donation.

From now on, all merchants mandated by Heoh Payments are able to rely on their POS devices to gather charity donations and support causes and associations they are closer to. Their PI status provides a guarantee and further transparency for givers as to where their donation goes to.

Heoh now has 300 POS devices and intends to be implemented on 5,000 POS devices by the end of 2018. Regarding interactive kiosks, they currently have more than 100 machines, and aim to have several hundred more devices installed throughout France.

Comments – Heoh shifts gear

Donation campaigns on behalf of third parties are becoming a trend. In Europe, and in France especially, it still is highly regulated; this explains why this young FinTech launched Heoh Payments.

Besides improving trust and traceability, their PI approval provides them with a chance to roll out their set of offers with larger retail groups as well as with small points of sale. Their aim is to reach 60 million euros in donations within two years, while enhancing their productivity. Heoh charges a fee ranging from 4.5% to 14% of donated amounts.

This FinTech pays consistent attention to improving user experience, and also implemented a multi-channel strategy as they introduced a payment card (focusing on solidarity) and a solution for charity donations via Twitter.