Finary wants to offer the possibilities of a private bank through technology

Update of an article from February 24, 2022


Freshly crowned with a fundraising of 8 million euros, Finary, at the origin of a solution for monitoring and managing wealth for individuals, has just completed this operation by opening up its capital to its users via the Crowdcube platform, allowing them to take shares in the company from 10 euros. In less than 20 minutes, the fintech attracted 983 users for a total amount of 2.1 million euros on March 29, 2022.

Questioned on the sidelines of the announcement of the fundraising, Mounir Laggoune, the leader of Finary explained last month that “the operation is intended to be renewed” – at least until the sum of 500,000 euros has been raised. The manager sees it as a loyalty tool, coupled with a marketing lever. “Other European FinTechs have done it before us, like Sweden’s Klarna or Lithuania’s Revolut. Within a year, others will follow suit in France” he wants to believe, arguing that this type of operation will eventually no longer be perceived as “the last chance for those who can’t raise with VCs” . A specific structure will hold the shares of the user shareholders, who will not appear by name in the capitalization table. “This was already the case for open banking and, even before, crowdfunding: here we are experiencing a delay in ignition, but the catch-up is never slow to be felt. »

Only eight months have passed since its €2.2 million seed in May 2021. Finary has passed the second. FinTech was followed by its historical investors Speedinvest and Y Combinator and it also brought in a handful of business angels, including successful entrepreneurs – like Steve Anavi and Alexandre Prot (Qonto) or Eric Demuth (Bitpanda). The goal? Capitalize on their past experiences to enable Finary to transform the trial. “Somewhere, we see the future through them since they have known what we are going through” explain to madness Mounir Laggoune, co-founder, meeting “in the adage that we are the sum of the people around us”.

The context

It was already in this state of mind that with its co-founder, Julien Blancher, they chose to integrate Y Combinator from the creation of the company. “In December 2020, Finary was born on the basis of an observation: we both invest individually, and did not have a tool to automate the management of operations. Everything was based on Excel” says the leader. By exploring “which was technically feasible” entrepreneurs believe they have developed a service that meets the needs of individuals “who are too well off to let their money sleep, but not enough to use private banks” . They first put it to the test with their loved one, before convincing the famous American incubator. “We followed an accelerated training from January to March 2021 within Y Combinator, which allowed us to put ourselves on an American trajectory” judge Mounir Laggoune, whose partner previously sold his startup Recast.AI to the German giant SAP.

The leaders are delighted with the continued support of Y Combinator, recalling that “several of the companies they have invested in are now worth more than a billion” dollars like Airbnb, Stripe, Coinbase, etc. According to Mounir Laggoune, “Americans are uninhibited when it comes to success and it’s a liberating feeling when you’re starting a business” . Boasting a “zero bullshit support” the leader believes that mentors “put your finger where it hurts” . Not to mention the structure’s network, which offers multiple financing opportunities as well as advice from other entrepreneurs. Which moreover led Mounir Laggoune and Julien Blacher to “build the product in direct connection with the user community”.


Finary’s wealth tracking and management tool is available on iOS, Android as well as the web. It allows its 30,000 users to consult key indicators in order to make the best choices for investing their 10 billion euros in assets. “A function of projecting assets into the future makes it possible to readjust what needs to be adjusted to achieve personal goals” describes Mounir Laggoune, who ensures that “80% of Finary users had never done a Monte-Carlo method” – which makes it possible to introduce a statistical approach, via the simulation of random variables, of the risk in a financial decision – before adopting the application. Enough to take into account notions such as inflation in the context of “guaranteed” return products, like life insurance.

What will Series A be used for?

Finary intends to continue the development of the product, following its new funding round. The start-up plans to integrate new asset classes and more key indicators. The application will become compatible with a number of banks that are not yet compatible. “More generally, we must be able to build a personal roadmap for the user, as private banks do today” insists Mounir Laggoune, specifying that it should be possible to invest directly from the tool from the end of 2022. If the private banks go into the lace by advising their customers, they impose a minimum threshold of assets on entry – which is generally counted in millions of euros. This implies that wealthy people are the only ones to see their money grow optimally. “There is no reason for rich people to get richer, and others to be left with no options” believes the leader, arguing that his product is able to “responding to the population’s distrust of finance”.

The startup will also launch a second major project: its internationalization. After France and Benelux, it will settle in the United Kingdom in 2022. “The financial culture there is close to that of the United States, but it will still be necessary to adapt the product to a new currency and to local rules concerning borrowing, for example” notes Mounir Laggoune, who ensures that Finary will open an office in London. Will follow, a little later, Germany and Switzerland. “Here too, the experience with Y Combinator has taught us that from the moment you cover your domestic market well, you have to go elsewhere to send signals and avoid being copied. »

Its series A will be used by the young shoot to expand its teams, in particular design and marketing, with this objective. About fifteen employees, “mainly developers” she thus aims to have “around forty, in Paris or remotely, by the end of 2022”. And there does not stop his vision.

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