Thirty six fintech startups in France have banded together in a bid to foster a national ecosystem for innovation in financial services.
The creation of of the France Fintech group has been welcomed by Government ministers who are concerned that the country is getting left behind by more organised structures for the promotion of startup innovation by other centres such as London and new York.
“The challenges facing the financial industry are those which affect our whole economy. To turn that industry into a key player in the digital revolution requires simplicity, trust and strong support for start-ups and French innovation,” says Axelle Lemaire, minister of state for digital affairs. “The government also wishes to ensure that the sector is structured. That is the reasoning behind the creation of the France Fintech association, which I applaud.”
Chaired by former SocGen executive Alain Clot, France Fintech will be led by a steering committee composed of seven members drawn from the ranks of local startups. Founding members of the group include outfits such as Kantox, Ledger, Leetchi, Lydia Solutions and Smart Angel to name a few.
“France has an abundance of well-known specialists in the finance and engineering industries," says Clot. "The French FinTech specialists are increasingly making their mark on the national and international landscape. Their new significance, their successes and the emergence of new subjects contributed to the creation of this association.”
He says the group aims to take on the promotion of French fintech at home and abroad, representing the interests of the sector before public authorities, the media, investors, financial sector and research centres.