The Crédit Agricole group announced on Monday that it was taking a stake in the leading bank account aggregation company.
Crédit Agricole, through its innovation and research fund FIRECA, is participating in the capital increase of LINXO, of which it becomes now one of the major shareholders. If the amount has not been publicly announced, we know, however, that the percent of stake is 85%.
Created in November 2001, FIRECA (Agricultural Credit Innovation and Research Fund) is a subsidiary of the Crédit Agricole group. FIRECA aims to identify, develop and launch innovative and strategic projects for the Crédit Agricole group, by participating in their financing. This can also lead to equity investments in companies that create, develop and implement new information and communication technologies.
In the case of LINXO, founded in 2010, this French Fintech develops services for individuals to help them manage their budgets. It relies on a technology for categorizing banking transactions and a platform that allows different bank accounts to be aggregated. These services and technologies offered to businesses are also available to individuals under the Linxo brand via an internet platform or mobile application.
For Serge Magdeleine, Group and Digital Marketing Director of Crédit Agricole S.A. “After the success of CA STORE, the leading store of banking applications, and the signing of the charter of the alliance for open innovation, this takeover in LINXO is fully in line with the Group’s open innovation strategy. Being close to innovation sensors (Fintech, Start-up, etc.) is an acceleration factor to improve our customers’ digital experience.”