Linxo raises $24 million for its app that brings bank accounts together

French startup Linxo just elevated $24 million (€20 million) from 3 monetary establishments — Crédit Agricole, Crédit Mutuel Arkéa and MAIF. The firm is developing a type of Mint for the French current market.

Banking apps suck in France. Most of them are just a wrapper about a mobile web site. It can take them decades to undertake new attributes, this sort of as fingerprint readers, widgets and far more.

And numerous people have far more than one particular financial institution account. It will become very tedious to look at your balance and transactions on all your accounts as you have to deal with numerous shitty apps.

Linxo is seeking to fix that by developing an previously mentioned normal app and services that connects to all your financial institution accounts. The startup supports dozens of French banks. At very first, you need to give Linxo your financial institution account login info. The company’s servers will then periodically sync earlier transactions.

This way, you get a good overview of all your financial institution accounts in one particular app. You can see earlier transactions and charts about revenue you are paying. It’s a good way to get insights about your monetary circumstance.

But the firm plans to go one particular move even more and make a total-fledged monetary hub. Its competitor Bankin has currently introduced a way to transfer revenue among accounts in different banks. This element is presently constrained to a handful of banks.

I’m sure Linxo has a thing very similar in intellect, as effectively as strategies to help save revenue, get a credit line and purchase insurance goods. The firm has been doing work on Linxo Link, a way to indicator up to new monetary services with out leaving the app, working with APIs.

With today’s funding round, the startup plans to increase to other European nations around the world. Linxo is also doing work with French banks to support them with their apps and internet websites. This could be a beneficial current market as effectively.

Highlighted Picture: Matthew Lloyd/Getty Visuals

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