Yeeld: from Savings to Neo-Banking Offers

Piggou, a one-year-old FinTech focusing on savings services for young workers, is going for a new business model and rebranding their company, now to be known as “Yeeld”. Their service should soon propose many more features, relying on a model quite similar to a neo-bank, rather than just a PFM tool.

Piggou used to propose savings service based on rounding up transactions’ amounts. Yeeld, is aiming for additional features, as they introduce three financial services at once: a payment account, a Mastercard card, and systematic savings for their users’ projects.

Yeeld hasn’t yet been made available. For now, it is only proposed by invitation. Their official launch would be scheduled for March 2018. Yeeld relies on a mobile app and should later provide access to a loyalty program (10% cashback), along with their Mastercard connected card –the prices of which haven’t been disclosed yet either.

Regarding savings, their automatic model remains, but a personal project management feature is being added, together with a free payment account (and IBAN). For them to offer these new services, Yeeld will rely on their partners, the EMI Treezor and Crédit Mutuel Arkéa.

Comments – A (winning) mix between savings, PFM and payments

Many payment accounts have been launched in France and new entrants are striving for differentiation. Market players tend to propose ever more services, from payments to savings, and even all-inclusive retail banking offers. Affinity approaches are also considered by some of these players, by way of standing out. Morning, for instance, intends two of their offers for specific targets: young customers, and under-18 or protected customers.

Likewise, Paymount launched SoShop.club early this year, and capitalises on Card-Linked Offers to help their payment account gain traction.

Yeeld for their part are relying on savings for value addition. This model has been selected on other markets: Chip in the UK plans to become a neo-bank for young customers seeking to save money. And, to a lesser extent, Thomas Cook Money recently introduced their mobile bank for holidaymakers.