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The behind-the-scenes story of our €1.6m seed round with Peter Thiel

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The behind-the-scenes story of our €1.6m seed round with Peter Thiel

  1. 1. Smart banking for small businesses
  2. 2. 2FinpalBlog.qonto.eu What pain? Entrepreneurs & startups are very unhappy with their everyday banking
  3. 3. 3FinpalBlog.qonto.eu The 40+ CEO/CFO Survey Startups are clearly eager to have a modern everyday banking solution SOURCE: Interview with 40 CEO/CFOs of French startups
  4. 4. Pain/Solution Traditional banks fail to provide an efficient everyday banking service to SMBs 4FinpalBlog.qonto.eu Without Finpal ‣ Heavy processes and bureaucratic everyday banking ‣ No consideration for UX and UI ‣ High fees and lack of transparency ‣ No integration with relevant external tools (e.g. accounting, HR) With Finpal ✓ A modern current account for businesses: ✓ Paperless, 100% online, mobile ✓ Simple transparent pricing ✓ Reactive customer support ✓ An efficient solution to manage a business, combining tools with existing services to create value
  5. 5. http://www.finpal.coSolution Meet Finpal FinpalBlog.qonto.eu 5
  6. 6. Minimum Viable Product Key elements required for launch 6FinpalBlog.qonto.eu Features Service level 1. Current account (with unique IBAN) - Pay and get paid 2. Corporate MasterCard(s) to pay and withdraw money - Get real-time notifications - Set limits to employee cards 3. Native business tools - Issue invoices and monitor payments - Manage expenses efficiently 4. Ready for accounting - Make smooth csv/receipts extracts - Grant specific access to accountants ✓ Smooth and easy on- boarding ✓ Straightforward pricing ✓ 8.00-22.00 customer support
  7. 7. Wireframes Example: History view 7FinpalBlog.qonto.eu ✓ All transactions are tagged automatically and linked to one specific user / cardholder ✓ No limit for transaction history and lots of filters to search for specific transactions ✓ Ability to upload documents for each transaction (drag& drop from desktop or invoice picture directly from smartphone) ✓ Export/share tools enabling efficient communication, especially with accountant
  8. 8. Vision: Core Banking Is the Cornerstone for Finpal Real-time data accessed from Finpal’s own bank account unlocks smart finance 8FinpalBlog.qonto.eu Native tools invoicing tool, expenses management, cash accounting dashboard Reconcile invoices automatically Attach receipts to transactions Tag transactions automatically Consolidate cash position in realtime Prepare cash accounting automatically Core banking Real-time transaction notifications, comprehensive data Consolidate data with external accounts Integrations* Openarchitecture Integrations bydefault *: examples of apps/services Automatically export to accounting software Automatically attach receipts to transactions Manage eShop payments with granularity Transfer FX at low cost directly from Finpal Borrow money directly from Finpal
  9. 9. Product Fit vs. Business Demography (Example: France) Small companies want a full stack solution. Integrations are specially for medium ones. 9FinpalBlog.qonto.eu 0-1 2-9 10-19 20-49 50-249 250+ 1.8m companies 1m companies 150k companies 30k companies 10k 5k Core banking + Native tools Core banking + Native tools + Integrations 2017 2018+ New / small companies Medium / growing companies + companies with specific needs Numberofemployees
  10. 10. Key Benefits of Using Finpal 3 key immediate benefits for all small businesses 10FinpalBlog.qonto.eu Average monthly banking fees for a company with 10 FTEs Traditional bank Finpal €70 €150 -54% Cheaper - 50% on everyday banking fees Better all existing/future Fintech innovations in one click and all innovations to come! Fintech Hub Faster - 30% time spent on accounting and budgeting ‣ No more “last Friday of the month” lost for receipts/expenses tracking ‣ No more endless email exchanges with accountant or office admin for bank reconciliation ‣ Office manager or assistant time highly reduced
  11. 11. Team built over the past 8 weeks Experienced professionals 11FinpalBlog.qonto.eu ✓ Proven execution capabilities ✓ Strong focus on product excellence (UI/ UX) ✓ Industry experts willing to support Finpal Steve Anavi - Product Founder @Smokio (acquired), COO EMEA @Groupon, Deloitte Consulting, MSc Engineering EPFL, MBA INSEAD Alexandre Prot - Sales Founder @Smokio (acquired), Founder @Wimdu, McKinsey, Goldman Sachs, HEC Paris, MBA INSEAD Gabriel Klein - Lead Dev. Full stack dev with 10+ years of experience including @liftopia. Stacks: Ruby on rails, emberJS, AWS Back-End Developer Stacks: Ruby on rails, go, AWS Front-End Developer Dev emberJS, polymerJS, ruby on rails, HTML, CSS Anh-Tho Chuong - Marketing MD @Weebly, McKinsey, Mailjet, Orange, ESCP Europe Product Designer #SaaS #B2B #Fintech +

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