Budget Insight raises $35 million in funding from PSG Equities to become one of Europe’s open finance leaders

Categorized in: Science and Technology
Subject: Grant

Budget Insight, France’s leading aggregator of banking and financial data and a pioneer of open finance1 In Europe, PSG is pleased to announce $35m (?31m) in funding from Equity (“PSG”), a leading growth equity firm partnering with software and technology-enabled services companies in order to help accelerate their development and scale across Europe. we. PSG will be a shareholder along with the management team and Credit Mutuel Arkia. Crédit Mutuel Arkéa invested in Budget Insight in 2019 because of the strong growth potential of Budget Insight and the natural synergies that arise from the combination of the two players. The investment helped Budget Insight strengthen its technological edge and pave the way for its new phase of European-scale expansion. Going forward, Credit Mutuel Arkia will continue to partner with Budget Insight to help fuel innovation in the financial services industry.

Budget Insight is a fintech company founded in 2012. It established itself as one of France’s leading aggregators of banking and financial data in the open finance sector. The company provides technology solutions for an ecosystem of over 200 businesses and institutions, including some of the largest French banks, insurers and asset managers, as well as many other leading names in fintech.

Budget Insight API2 enables customers (banks, fintech firms, lenders, asset managers and software companies) and their end users to collect financial data and documents and initiate payments. Thanks to its powerful technologies, ability to offer a seamless user experience and its expertise in European regulatory requirements, Budget Insight aims to give its clients the tools they need to unlock greater value for users of financial services. Its solutions cover a wide range of services from asset management and credit to corporate cash management, loyalty and payments.

This new partnership seeks to allow Budget Insight to develop new products and significantly expand its European reach, thereby cementing its position among the leaders of open finance, an industry that is currently Consolidating a handful of big players. To support this phase of acceleration, Budget Insight plans to significantly increase its workforce by 2025. The company has already announced to fill 50 positions in 2022 to grow its technology, product and sales teams.

Since its inception, PSG has worked with software companies to accelerate their growth and empower them to gain significant market share in the market with a vision of strength. PSG teams work hand in hand with business leaders and management teams to help them improve their strategy, drawing from their strengths in M&A and international expansion, particularly in Europe and the United States, a Continuously pursuing investment plan. Budget Insight is PSG’s sixth investment in France and its 16th investment in Europe.

“I am extremely pleased with the way this adventure has unfolded since it began a decade ago. Our past and future achievements are our technical prowess and our ability to offer one of the best open finance technologies on the market And for that, we know we can count on our amazing, rapidly growing team!” romaine beignonFounder, Budget Insights.

“The arrival of PSG marks a new milestone for budget introverts, whose ambition is quite clear: to become a European champion in open finance. We believe we have everything we need to achieve this : A B2B model tried and tested over the past 10 years, state-of-the-art technology and deep sectoral expertise that goes beyond Open Banking, a thriving ecosystem of over 200 partners, and stakeholders who share our vision. We are really thrilled to begin this new chapter in our story!” Bertrand JanetCEO, Budget Insights.

“Budget Insight is, in our view, strategically positioned in a financial services market that is undergoing profound transformation with the growth of Open Finance. We strongly believe that the market in Europe will have a limited number of key players, including Budget Insight. will consolidate around players. We were attracted by Budget Insight’s commitment and ambition to provide secure, comprehensive connectivity and strong added value to financial services companies and institutions. Our support will help the business rapidly grow its presence in Europe. And that should help expand its offering.” Romain Railhack, Managing Director, PSG.

“We are proud of how far Budget Insight has come and are delighted to support this new phase in its evolution. The partnership we started three years ago has helped us provide a richer, more seamless customer experience. Budget Insight has consolidated its technical leadership, accelerated its growth in France and started expanding into Europe. We believe it is now is ready to tackle this new phase of growth on a European scale, aiming to be a prime example of open finance services.Credit Mutuel Arkia will support this ambition with PSG Equity, with the same conviction that it has invested in the company Shown after. Frédéric Laurent, Executive Deputy Manager and Head of the Retail Customers Division at Credit Mutuel Arkéa.

The transaction is subject to the authorization of the Autorité de Contrôle Prudentiel et de Resolution (ACPR) of France.

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About Budget Insights

Budget Insight brings open banking and open finance technology solutions to over 200 companies ranging from leading financial institutions to fintech startups. Its API enables customers and their end users to collect financial data and documents and initiate payments. Based on powerful technology, an optimal user experience and the ability to deliver expertise in European regulatory requirements, Budget Insight provides its clients with the tools they need to unlock greater value for those who use financial services, while driving new growth potential. does.

About PSG

PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having supported over 95 companies and facilitating over 375 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates from offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv. To learn more about PSG, visit www.psgequity.com.

Credits Mutuel Arkéa. About this

Credit Mutuel Arcaia is made up of two regional associations representing the two main French geographic regions (Brittany in the west and southwest) and their member local savings banks. Credit Mutuel Arkia also has a presence throughout Europe thanks to its corporate and online subsidiaries (Fortuneo, Monext, Financo, Arkéa Investment Services, Suravenir, CFCAL…). Credit Mutuel Arkia is wholly owned by its client shareholders. Crédit Mutuel Arkéa employs more than 11,000 people, counts 2,800 directors and has a total of over 5 million customers. The total assets of the bank are 179.3 billion euros. Credit Mutuel is one of the leading banks headquartered in Arkia regions.

SOURCE https://biz.crast.net/budget-insight-raises-35-million-in-funding-from-psg-equities-to-become-one-of-europes-open-finance-leaders/