Particeep closes €1.2 million venture loan

French API developer Particeep has announced a €1.2 million debt financing round led by Banque Wormser Frères.

Established in 2013, Particeep offers off-the-shelf solutions to banks, insurers, asset managers and their sales force to expose their products and enable their end customers to subscribe on any distribution channel to banking products and services.

Annually, the company registered through its clients platforms more than €200M in  subscriptions to banking, insurances and investments products and has already attracted many big players such as Crédit du Nord ( Société Generale Group), Crédit Mutuel Arkéa, Credit Agricole as well as asset managers such as Novaxia Investment, Seventure Partners a subsidiary of Groupe BPCE and Paref Gestion.

“We have chosen this funding model for many reasons. First, it has the advantage of being little dilutive for the founders who want to keep at least 70% of the company capital in anticipation of a significant new fundraise round. In addition, it expands our production and investment capacity in our Particeep Plug and Particeep Finstore products in order to respond immediately to growing demand in France and abroad.” – Steve Fogue, President and co-founder of Particeep.