French Startup Finary Raises $9M Series A to Reinvent Private Banking

Wealth aggregator Finary raised $8.9 million in a Series A funding round (8 million euros) just a few months after its 2.2 million euros ($2.4 million) May 2021 seed round.

The French startup’s comprehensive aggregator enables investors to track their holdings — bank accounts, real estate, crypto, stocks — and get a thorough perspective of their wealth, according to a blog post on Thursday (Feb. 24).

Investors in the Series A included previous backers Speedinvest and Y Combinator, with new participants Qonto founders Alexandre Prot and Steve Anavi, and Bitpanda founder Eric Demuth.

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The fresh infusion of capital will be used to build a private bank and put tools into the hands of wealthy investors, empowering them with information to guide their own decision making. The company already offers over 10,000 integrations, including exclusives like Trade Republic, Interactive Brokers or eToro.

“This fundraising allows us to reinvent private banking by starting from the foundations,” said CEO Mounir Laggoune.

Finary is planning to overhaul its platform and enable users to track and manage their wealth and invest in the right opportunities.

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As far as further funding, Finary also has plans in the works to launch an equity crowdfunding campaign, said Laggoune.

“Our mission is to revolutionize private banking by making it accessible to everyone. We put the user at the heart of all our initiatives,” Laggoune said.

He added that is why the company wants to offer people the “opportunity to join the adventure by becoming a shareholder of Finary.”

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There won’t be a minimum monetary or other access criteria to join Finary’s private bank — “we are democratizing tailor-made management,” Laggoune said.