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

Smart banking for small businesses

2FinpalBlog.qonto.eu

What pain?Entrepreneurs & startups are very unhappy with their everyday banking


The 40+ CEO/CFO SurveyStartups are clearly eager to have a modern everyday banking solution

SOURCE: Interview with 40 CEO/CFOs of French startups

Pain/SolutionTraditional banks fail to provide an efficient everyday banking service to SMBs


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

http://www.finpal.coSolutionMeet Finpal

FinpalBlog.qonto.eu 5

Minimum Viable ProductKey elements required for launch


Features Service level1. 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

Wireframes Example: History view


✓ 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

Vision: Core Banking Is the Cornerstone for FinpalReal-time data accessed from Finpal’s own bank account unlocks smart finance


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*

Open architecture

Integrations by default

*: 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

Product Fit vs. Business Demography (Example: France)Small companies want a full stack solution. Integrations are specially for medium ones.


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 +

Integrations2017

2018+

New / small companies

Medium / growing

companies+

companies with specific needs

Num

ber o

f em

ploy

ees

Key Benefits of Using Finpal3 key immediate benefits for all small businesses


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

Team built over the past 8 weeksExperienced professionals


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

Business

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