Credit Agricole Plans $17 Billion Tech Investment in Four Years

Credit Agricole, the French bank for the agricultural sector, has allocated $16.9 billion (€15 billion) for technological transformation for “greater efficiency,” reports Henry Vilar of Fintech Futures, Finovate’s sister publication.

This capital will be invested over the next four years, aiming to achieve a data-centric architecture in 90% of the group by 2022, as well as $338 million (€300 million) “in increased IT efficiency.”

The group aims to have the totality of its IT staff trained in new technologies at the “new IT university.” This is part of the plan to retrain its staff to be able to handle the new technologies that the financial group aims to test and implement throughout its business lines.

A document issued by the bank says that “100% of emerging technologies” will be tested for new services. That’s right, all of them.

The bank forecasted a very slow level of profit growth for the next four years, as it faces low interest rates and a potential deterioration in its loan portfolio.

In its previous plan, Credit Agricole had targeted a 10% increase in net profit from 2016 until this year but managed to deliver that a year ahead of schedule. The bank reported a 25% profit increase over the two years to 2018.

The bank expects an annual net profit of roughly over $5.6 billion (€5 billion) in 2022, according to its report.

Founded in 1885, Credit Agricole demoed its in-house app store at FinovateEurope 2013.

Finovate Alumni News


  • $468 Million Raised by 20 Alums in Q1 of 2019
  • BanQu Closes Extension on Series A Round
  • Credit Agricole Plans $17 Billion Tech Investment in Four Years
  • Lighter Capital Launches New Financing Options

Around the web

  • Growjo names Coinbase, Plaid, and BlueVine fastest growing startups in California.
  • Ping Identity launches capabilities framework to help clients adopt a Zero Trust security strategy.
  • Sifted looks at Credit Karma’s entry into Europe.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– June 13, 2014

  • Finovate-F-Logo.jpgAstroPay launches Ripple LatAm, a licensed money service business to use Ripple Labs’ payment network.
  • Ron Shevlin looks at Credit Agricole’s bank-run mobile app store.
  • FirstView selects Cachet Financial Solutions to develop a prepaid mobile app to offer to FirstView cardholders.
  • Financial Review: James Packer, Lachlan Murdoch eye stake in peer-to-peer lender SocietyOne.
  • Jumio brings NetSwipe to the mobile web for companies without a native app.
  • PayPal rolls out PassPort to give merchants a resource for stats, tips and general information on selling internationally.
  • Zopa wins Most Trusted Loan Provider and Most Trusted Specialist at 2014 MoneyWise Customer Service Awards.
  • Thinking Bigger features the team from EyeVerify.
  • Green Dot announces new GM of GoBank, Joshua Goines.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

19 Finovate Alums Selected for 2014 European FinTech 50 Awards

The FinTech 50 awards highlight 50 European-based companies to watch over the coming year. The companies are selected by a panel of 15 fintech professionals. This year, 19 of the selected companies are Finovate alums.

Here are the Finovate alums selected, listed in alphabetical order:


AcceptEmail, for its electronic billing and payment system that allows customers to make payments straight from their email.


BehavioSec, for its technology that uses behavioral biometrics to verify users, creating a secure environment without extra friction.


Credit Agricole Apps, for its online app store where financial apps are co-created between clients and developers.


eToro, for its social trading and investment network


ETRONIKA, for its full suite of ebanking channels and BANKTRON management platform.


Fidor Bank, for its innovative online banking community.


Five Degrees, for its integrated banking platform that extends from back-end systems to client-facing technology.


FreeAgent, for its SMB-focused online accounting system.


Help my Cash, for its recommendation engine that informs consumers of their options when choosing and negotiating financial services.
Holvi, for its smart checking account for group activities.
Ixaris, for its innovative global applications based on open-loop prepaid card schemes.



Klarna, for its e-commerce payment solutions.


mBank, for its Bank 3.0 approach to online and mobile banking.


Meniga, for its white-labeled PFM and next-generation online banking solutions.


Nutmeg, for its online savings and investing service that helps users manage their money.


The Currency Cloud, for its Cross Border Payments as a Service product that optimizes exchange rates and payment networks for both parties in a currency exchange.


TransferWise, for its platform that allows expats, foreign exchange students and businesses to move money globally.


Wonga, for its service that provides small, short term cash advances to UK consumers online.


Zopa, for its P2P money lending service that allows borrowers and lenders to deal with each other directly.

Where Are They Now? FinovateEurope 2013 Best of Show Winners


As we begin helping FinovateEurope 2014 presenters polish their demos for the show on February 11 and 12, we thought we’d take some time to catch up with last year’s best of show winners to see what they’ve been up to over the past 12 months.

Here are last year’s winners, in alphabetical order:


Who they are: A retail bank leader in France and Europe, with 11,600 branches worldwide, 160,000 employees and 54M customers.

What they demoed: The Credit Agricole Store, a European app store where financial apps are co-created between clients and developers thanks to the opening bank APIs.
Demo video

What they’ve been up to:
    • Celebrated the second year of its social media bank and attracted 3k banking customers.
    • Harnessed banking and insurance expertise to support the cooperative group Agrial in its first listed private bond placement.


Who they are: an IT company that develops complex and innovative solutions for the banking and finance industries. 

What they demoed: The BANKTRON e-channels management platform that provides front-end users elegant, safe, and secure financial products and services.
Demo video

What they’ve been up to:

  • Was recognized as Lithuania’s most advanced high-tech sector company in the elections of the Knowledge Economy Company 2013.
  • Released a mobile banking app for Medicinos Bankas.
  • One of the DNB Group’s Internet banks implemented BANKTRON and its newest adaptive interface.


Who they are: mBank is a financial sector innovator that offers a full range of retail and SME financial products. Efigence specializes in online banking platforms, currency trading tools, PFM tools and social and financial data aggregation tools.

What they demoed: Their online banking transactional site and implementation of Facebook and real-time consumer gratification.

What they’ve been up to:
    • mBank, along with Accenture, picked up a Best of Show award at FinovateFall 2013
    • mBank announced a new transactional service, new logo, premium offer for affluent customers.
    • Efigence-powered Alior Currency Exchange awarded Innovation of the year 2012 title
    • Efigence-powered Alior Bank won the prestigious Golden Bank 2012 title


Who they are: They offer white-label PFM and next generation online banking solutions to retail banks.
What they demoed: Their To buy or Not to buy, a white-label module for mobile banking applications. It uses PFM functionality to empower and influence consumers at the point of sale or when considering buying something.
What they’ve been up to:
    • Promsvyazbank in Russia launched Meniga-powered PFM-Service
    • Raised $6.5 Million (€5 Million) to further develop PFM and online banking
    • BRE Bank launched its “new mBank”based on Meniga´s PFM solution


Who they are: A neobank focused on the mobile experience and aimed at both banked and underbanked consumers.
What they demoed: Their mobile banking experience along with how CredScore and their Spend, Save, Live tools will help consumers ma
nage and improve their financial health
What they’ve been up to:
    • Launched their Android app
    • Updated the iOS app
    • Received $2 million investment from Life.SREDA
    • Expanded the beta sign ups for the bank
    • Debuted Money Pulse to help users manage day-to-day finances


Who they are: A solution that provides a platform for kids under the age of 18 to make transactions online with parental controls.
What they demoedAn e-commerce solution that enables kids to manage and spend money within a parent-controlled environment
What they’ve been up to:
  • Rebranded as Oink
  • Launched new iOS mobile app
  • Contracted with Marvelous USA to provide its payment system on their site
  • Expanded to a quarter of a million users
  • Signed its first UK partners, Toy Galaxy and Toadstool
  • Won The National Parenting Center’s 2013 Seal of Approval under the Websites category.
  • Partnered with epay
  • Received Excellence in Best Practices Award from Frost & Sullivan


Who they are: The creator of a social payments app that helps users track and split joint expenses on-the-go.

What they demoed: Their app that helps groups manage shared finances by giving them an easy option to repay one another
What they’ve been up to:
  • Launched Android app
  • Presented their solution to the Bavarian Ministry of Economics


Who they are: SumUp offers an easy way for small businesses and sole traders to accept card payments securely, even on-the-go. Using only a portable card reader and an app for iOS and Android, merchants can accept card payments on their mobile device.

What they demoed: Their mobile point of sale system
What they’ve been up to:
  • Expanded to Latin America with launch of m-payments service in Brazil
  • Cut its transaction fee across Europe
  • Received investment from BBVA Ventures to aid in expansion to South America
  • Launched plug-and-play POS technology
  • Received multi-million Euro investment from Amex and Groupon
  • Launched in Russia and partnered with Svyaznoy Group
  • Partnered with Revel Systems to facilitate card payments
  • Began supporting AmEx in some European markets

To be a part of the action at this year’s FinovateEurope, get your ticket here to watch a full two days of demos and vote for who you think should win Best of Show.

Finovate Alumni News– August 15, 2013

  • Finovate-F-Logo.jpgANZ Group goes live with Fiserv’s Mobiliti Reach.
  • The Currency Cloud CEO, Mike Laven, explains the issues behind the recent remittance crisis.
  • IND Group & PayPal team up to offer P2P Payment via email in Europe.
  • SunTrust introduces BCSG’s Business Hub and CreditHQ tools; an online package of small business solutions.
  • Bolstr on FOX News Chicago: Local Business Raises $12,000 in under 48hrs on Bolstr.
  • Mint, Manilla featured in Digital Trends list of 12 useful online services and apps for students.
  • Quantopian’s John Fawcett writes about the intersection of social media, algorithms, and the browser when it comes to investing.
  • American Banker takes a look at Credit Agricole’s CAStore.
  • Mobile Payments Today highlights PayConnect from PreCash in a column on mobile wallets and the payment industry.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– April 26, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSeventy2Minutes reviews TransferWise as a PayPal alternative.
  • Wallaby Financial to participate in Frequent Travel University educational event. See them demo at FinovateSpring.
  • Credit Agricole’s social media bank celebrates its second year.
  • Social investment network eToro reaches 50 million trades.
  • Access Softek and Geezeo partner to integrate Access Softek’s mobile banking with Geezeo’s PFM.
  • Guardian Analytics unveils FraudMAP Wire product to prevent wire tap.
  • San Francisco Business Times names Taulia one of the 2013 Best Places to Work in the Bay Area.
  • VentureBeat reports has converted more than 40% of its customers from checks to electronic ACH transactions.
  • American Banker reports: Actiance Updates Social Media Management Software.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope 2013 Best of Show Winners

Our third FinovateEurope wrapped up a few hours ago. At the end of each of the two jam-packed days, the London audience voted for their favorite three demos. The top eight overall were named Best of Show (see notes).

The winners (in alphabetic order):

  • Credit-Agricole for its app store where it is wooing outside developers
  • ETRONIKA for its BANKTRON e-channel management platform
  • mBank with Efigence for their Facebook & social platform 
  • Meniga for its PFM platform, including “buy” vs “not buy” feature
  • Moven (Movenbank) for the worldwide launch of its mobile-optimized bank
  • Pockets United for its group purchasing mobile solution
  • SumUp for its mobile point-of-sale system
  • Virtual Piggy for its kids’ payment system with parental controls

We’ll have videos of all 64 demos posted at within a few weeks.

Congratulations to the presenters for our first Finovate with zero demo fails (sure their where a few glitches here and there). And thanks to everyone who attended, tweeted, networked, blogged, and set up an enormous number of post-show meetings. You are pushing fintech forward, and consumers everywhere will benefit.


Notes on methodology:  
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.     
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.    
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”  
4. The eight companies appearing on the highest percentage of submitted ballots were named Best of Show.  
5. Go here for a list of previous Best of Show winners.

Credit Agricole Launches App Store

This post is a part of our live coverage of FinovateEurope 2013.

Next up to the stage in the first afternoon session is Credit Agricole:

“The Credit Agricole Store is the first European appstore proposed by a bank and where financial apps are co-created between clients and developers thanks to the opening bank APIs.
‘The Credit Agricole Store provides customers with access to many innovative and unique apps (18 new apps within 6 months), from social apps to video games to full display of account information, to apps for visually impaired customers.
The business model provides financial incentives for external developers to contribute and they join a co-op community based on the roots and values of the group.”

Product Launched: October 2012

HQ Location: Paris, France
Company Founded: 1885
Metrics: Over 100,000 site visits per month in the first three months; 18 mobile apps created; 22 new service ideas generated; bank has 160,000 employees; 54 million customers
Presenting Bernard Larrivière (Director of Innovation) and Emmanuel Methivier (CAStore Manager)

Finovate Alumni News– January 24, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgThe WSJ looks at angel investing via SecondMarket.
  • BOKU announces mobile payments partnership with U.S. Cellular.
  • In 4Q 2012, peerTransfer partnered with 51 schools. Over 25% of international students in the U.S. can pay their education expenses using peerTransfer.
  • TSYS announces partnership with Priority Payment Systems.
  • Jim Offerdahl appointed as new Bazaarvoice CFO.
  • Credit Agricole is the first bank in Portugal to provide contactless cards.  See their demo at FinovateEurope in February!
  • Keynote offers free mobile testing via DeviceAnywhere.
  • American Banker reports: Iowa Bank Creates Digital Identities from Fingerprints & Photos using TASCET’s Financial ICONN software.
  • VentureBeat reports BBVA pools $100 million fund to invest in fintech startups. Come see BBVA’s live demo at FinovateEurope.
  • announces “best balance transfer card” as part of Best Credit Cards in America series.
  • TrueOffice announces $3 million raised in Series A financing.  Catch their demo at FinovateEurope in February.
  • Access Development launches “Savings Across America” customer incentive product.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.