Paris-based Budget Insight, a company that provides European banking, insurance, and fintech companies a single API to build services and experiences, announced on Monday that it has raised $35M (approximately €31.79M) in a fresh round of funding.
According to the company’s website, more than 80 per cent of banks and 70 per cent of fintech firms in France rely on Budget Insight to build user experience and seek operational experience.
The funding came from a Parisian growth equity firm PSG Equity. Budget Insight is PSG’s 6th investment in France and its 16th investment in Europe. With this, PSG will be a shareholder alongside the management team and Crédit Mutuel Arkéa, which invested in Budget Insight in 2019.
Romain Railhac, MD at PSG, says, “Budget Insight is, in our view, strategically positioned in a financial services market that is undergoing a profound transformation with the development of Open Finance. We believe that the market in Europe will consolidate around a limited number of key players, including Budget Insight. We were attracted by Budget Insight’s commitment and ambition to provide financial services companies and institutions with secure, comprehensive connectivity and strong added value.”
PSG says its teams work hand in hand with business leaders and management teams to help them hone their strategy, drawing from their strength in M&A and international expansion, especially in Europe and the US, while pursuing a sustained investment plan. To date, the firm has backed more than 95 companies and facilitated over 375 add-on acquisitions.
Existing investor Crédit Mutuel Arkéa will continue to partner with Budget Insight to help drive innovation in the financial services industry.
Funds for expansion and to onboard 50 fresh talents
Budget Insight says the investment will help cement its technological edge, make new products and make way for its new stage of expansion on a European scale. To support this phase of acceleration, Budget Insight plans to hire 50 people in its tech, product and sales teams, and increase its workforce by 2025.
Bertrand Jeannet, CEO of Budget Insight, says, “PSG’s arrival marks a new milestone for Budget Insight, whose ambition is crystal clear: to become a European champion in Open Finance. We believe that we have everything we need to achieve this: a B2B model tried and tested over the past 10 years, cutting-edge technology and deep sectorial expertise that goes beyond Open Banking, a rich ecosystem of more than 200 partners, and shareholders who share our vision. I’m really thrilled to begin this new chapter in our story!”
Helping people manage their finances
Budget Insight is a fintech company that claims to have quickly established itself in the Open Finance sector as one of France’s leading aggregators of banking and financial data. It was founded in 2011 by Romain Bignon and Clement Coeurdeuil (who left the startup in 2021 as per his LinkedIn profile). The company is currently led by CEO Bertrand Jeannet.
Budget Insight’s API enables clients and their end-users to aggregate financial data and documents, and initiate payments. With a ‘seamless’ user experience and expertise in European regulatory requirements, the company’s solutions cover a wide array of services ranging from asset management and credit to corporate cash management, loyalty and payments.
Currently, the company provides tech solutions for an ecosystem of more than 200 businesses and institutions, including some of the largest French banks, insurers, and asset managers, along with several other leading names in fintech.