Memo Bank Launches Innovatory Banking Services And Offerings For SMEs


News provided by

Comserve Inc.

Oct 04, 2020, 08:26 EST


Bronx, United States, Oct 04, 2020, 08:26 /Comserve / -- Paris based Memo Bank, after receiving a full banking license around three months ago, is among the first banking institutions that offer certain beneficial features for their SMEs.

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Paris, Oct. 01, 2020 - Paris based Memo Bank, after receiving a full banking license around three months ago, is among the first banking institutions that offer certain beneficial features for their SMEs. These include a current account that does not charge any volume fees and starts accumulating interest right from the first Euro. The bank also provides short and mid-to-long term financing to assist SMEs in their progress. This financing is offered at competitive rates and issued in record time. Memo Bank is not only equipped with the latest technology and knowledge on the SME landscape but can also offer expert advice when required.

The collaborative current account under Memo Bank has been created to save time for business leaders and their teams through banking at both the management and operational level. Depending on which monthly plan is chosen, the rates fluctuate between 0.15% and 0.30% and are applicable to deposits up to EUR 100,000 or EUR 200,000.

The pricing structure that has been created by Memo Bank is highly predictable and is easier to understand. The fees are based completely on the type of functionalities selected and the total number of transactions initiated through the account.

In order to meet the needs of various types of businesses, the monthly plans of the bank range from EUR 49 to EUR 399 per company depending on the kind of options that have been selected. The bank places those SMEs as a priority which have an annual turnover of EUR 2 million to EUR 50 million and is headquartered in greater Paris and Lyon areas. 

Back in June 2020, Memo Bank was authorized to launch their banking services by both the French banking authorities (ACPR) and the European Central Bank (ECB). Memo Bank was allowed to operate under its own banking license by offering payment, deposit, and financing solutions to its clients. While the bank achieved this important milestone, it also closed its USD 23 million funding round with its investors. Some of these investors were BlackFin Capital Partners – created by the founders of brokerage firm Fortuneo, Daphni – which participated in and led the bank’s previous funding round, and Bpifrance Investissement – the French national investment bank.

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Comserve Inc.
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