Banking, Insurance, Savings… 7 years later, where are the fintechs?

France had less than 100 fintechs in 2015. Seven years later, there are nearly 10 times more. Banking services, insurance, asset management, payments… All sectors of finance are affected by this tech surge.

Full throttle. In 2022, French fintechs continued to grow. In its annual barometer, the France Fintech association lists more than 146 fund raising. It is 30% more than in 2021. Amount of funding collected: 2.9 billion euros. Or an average ticket 20million euros.

The sums collected place France in first place within the European Union. France also stands out for the number of unicorns, these companies valued more than 1 billion euros. The country counts today 10. Either 4 more than last year (Qonto, Payfit, Spendesk and Younited).

Still according to France Fintech, the small world of fintech today represents more than 40,000 jobs. And the gaze of these actors is now turning to the international. A sign of the dynamism of the ecosystem, more than a quarter of French fintechs are already established abroad.

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In growth, the sector however experienced a two-speed year 2022. After 2.2 billion euros raised in the first half, financing evaporated in the second half. The amounts collected over this period fell 715million euros following the deterioration of the economic environment in the United States and in the euro zone.

Despite its excellent performance, the sector remains fragile. A high proportion of players are still in the start-up phase, notes France Fintech. And it shows: barely a third of French fintechs today make more than 1million euro of turnover. And alone 27% of them are already declared profitable.

Not surprising, since 16 fintechs have closed their doors permanently in 2022. A stable proportion compared to previous years. At the same time, there were around twenty acquisitions over the year, a sign that the sector is continuing to consolidate.

While the insurtech and banking compartments made record profits in 2022, it has been a tougher year for other sectors. This is particularly the case for Web3 and crypto-asset companies, which have suffered from the fall in prices and the bankruptcy of the FTX platform.

Split payment activities (Buy Now, Pay Later) also experienced some areas of turbulence in 2022. These difficulties are linked, on the one hand, to the rise in interest rates and, on the other hand, to the prospect of a future European directive on consumer credit.

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