Memo Bank is building a business bank targeting small and medium companies that generate €2M–€50M in annual turnover. It offers business current accounts, credit lines and a web platform with search, grouped transfers and approval workflows. The product is sold via three subscription plans: €49/month (one user, 20 transactions, €0.40 per extra transaction), €149/month (unlimited users, 200 transactions, authorized overdraft access) and €399/month (unlimited transactions). Additional transactions cost €0.40 each on the lower tiers. Companies on the two highest plans earn interest on deposits (0.15% up to €100,000 on the mid tier and 0.30% up to €200,000 on the top tier). Memo Bank can also issue loans of €20,000–€200,000 repayable over one to seven years, positioning it against online lenders such as October. Earlier this year the startup obtained licenses from the French regulator (ACPR) and the European Central Bank to operate as a credit institution.

Total raised

$23M

Funding rounds

1

Latest round

Equity

Latest activity

Sep 2020