Self-employed banking app Shine nabs €8m in funding

Shine, a banking app designed for the self-employed, has picked up €8m in a funding round.

Contributions to the investment came from early-stage investor XAnge and venture capital firm Daphni. Other participants included business angels Gilles Samoun and Ed Zimmerman.

Paris-based Shine hopes to become the standard for banking apps used by freelancers, regardless of their industry or status. Launched in February, the platform is used by more than 25,000 users, providing them with an online account and personalised administrative assistant.

The platform offers self-employed individuals with a banking app and personalised MasterCard to support their finances. Users can use the app to receive and pay bills, accept payments by credit card and bank transfer, calculate tax and expenditures, and make savings.

With this line of funding the company will look to accelerate its growth and continue its Shine Connect which launched last year. The initiative implemented open APIs to facilitate the creation of new open banking services.

In a joint statement, Shine’s co-founders Raphaël Simon and Nicolas Reboud said, “This Series A funding, six months after our launch, will allow us to improve the product and develop a comprehensive ecosystem of services for freelancers. We are very proud of the connection we have created with our users, who gave us food for thought and supported the development of Shine.”

The company raised €2.8m in an investment from Daphni, Kima Ventures and several business angels, last year.

Earlier in the year, XAnge took part in the €13m funding round of France-based FinTech company Lydia. The company offers mobile payment services to individuals and businesses across France, the UK, Ireland, Spain and Portugal.

Copyright © 2018 FinTech Global

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