France’s fintech sector is the third-largest in Europe, boasting a robust and rapidly expanding ecosystem.

In 2023, the country’s fintech user base surpassed 73 million, generating over US$1.5 billion in revenue, according to data from Statista.

France ranks just behind the UK and Germany, which recorded 98.5 million users with US$3.36 billion in revenue, and 84.27 million users with US$2.9 billion in revenue, respectively.

Within this dynamic and fast-growing sector, several ventures have emerged as category leaders, recording substantial growth and garnering investor attention.

Today, we look at some of France’s most successful and fastest-growing fintech startups in 2024, highlighting their value propositions, recent achievements and growth strategies.

Top 10 Fintech Startups in France

Qonto

Founded in 2016, Qonto is a leading European business finance solution provider. The company simplifies day-to-day banking for small and medium-sized enterprises (SMEs) and freelancers by offering an online business account integrated with various financial tools, including invoicing, bookkeeping, and spend management. The company’s goal is to become the preferred business finance solution for 1 million European SMEs and freelancers by the end of 2025.

Qonto serves over 500,000 customers, operates in France, Germany, Italy, and Spain, and employs more than 1,600 people. It is currently ranked as the fifth most valuable tech startup in France, with a valuation of US$5 billion, according to CB Insights. The startup has raised EUR 622 million from well-established investors such as Tiger Global, KKR and Insight Partners, and is reportedly working on an initial public offering (IPO) planned for 2025.

Most recently, Qonto launched its first in-house financing solution, further enhancing its product offering. The development marked a significant milestone for Qonto, which had previously relied on strategic partnerships for customer financing. The new short-term financing option, launched in March 2024, utilizes Qonto’s existing payment services license and is accessible through the company’s mobile and web apps. It complements the financing platform launched in 2023 through strategic partnerships, offering customers a comprehensive range of financing solutions, including amounts up to EUR 10 million.

Alma

Founded in 2018, Alma is a European leader in buy now, pay later (BNPL) payment solutions, dedicated to creating a more balanced and sustainable approach to commerce. The company focuses on developing financial products that empower merchants to increase sales and customer loyalty while enabling consumers to make more responsible purchasing decisions without the risk of over-indebtedness. Its tech solutions are designed to be accessible, easy to implement, and to reduce purchase friction.

For merchants, Alma offers installment and deferred payment options that can generate up to 20% additional sales revenue while maintaining customer satisfaction and loyalty, the startup says. For consumers, the BNPL platform allows for an enhanced customer experience.

As the leading BNPL provider in France, Alma is rapidly expanding across Europe, now processing payments in 10 countries. Over the past five years, more than 17,000 merchants have chosen Alma’s innovative solutions, and the company has served over 3.6 million consumers. Alma is recognized as part of the French Tech 120 and one of the most promising technology companies in France.

To date, Alma has secured EUR 185 million in equity funding, according to TechCrunch.

Ledger

Founded in 2014, Ledger is a world leader in the area of digital asset security. Ledger’s products, which include connected devices like the Ledger Stax, Nano S Plus, and Nano X hardware wallets, as well as the Ledger Live companion app, are used by over 6 million customers across 180 countries and in more than 10 languages. The company’s technology safeguards more than 20% of the world’s cryptocurrency assets, making it a critical player in the digital asset space.

Beyond consumer products, Ledger has expanded its offerings to include Ledger Enterprise, a comprehensive digital asset custody and security solution for institutional investors and financial entities. This platform supports trading, buying, spending, earning, and managing non-fungible tokens (NFTs), solidifying Ledger’s position as a global platform for digital assets and Web3.

In addition to its hardware and software solutions, Ledger offers educational resources through Ledger Academy and Quest, helping users to navigate the digital asset landscape safely and confidently.

Ledger is headquartered in Paris and Vierzon, and has offices in London, New York, and Singapore. To date, Ledger has sold more than 6 million devices globally and has garnered the trust of over 100 financial institutions and commercial brands. The startup has raised over US$574 million in funding and, according to CB Insights, is valued at US$1.47 billion.

Younited Credit

Younited Credit is a leading provider of instant credit in Europe, renowned for its continuous innovation, disruptive technology and exceptional user experience. The company offers an integrated instant credit solution within the customer journey, providing a seamless interface for payment or credit transactions, whether online or in-store. Its credit offerings extend up to EUR 50,000 with repayment terms of up to 84 months, all delivered instantly.

Operating in France, Italy, Spain, Portugal, and Germany, Younited Credit generates nearly EUR 2 billion in annual gross merchandise value (GMV). Since its founding, nearly a million consumers have accessed instant, simple, and transparent credit through the platform to finance a variety of needs, such as home renovations, holidays, purchasing new smartphones, or other personal projects.

Younited Credit is fully authorized as a Credit Institution and Investment Services Provider by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) since September 23, 2011. The company has raised more than US$508 million in funding and is valued at US$1.16 billion, according to CB Insights.

Alan

Founded in 2016, Alan is an all-in-one health partner for businesses and freelancers, offering tailored health services focused on both physical and mental well-being to its members. The company leverages technology to provide a simple, transparent, and unique insurance offering. It was the first new health insurance provider to be licensed by the Banque de France and the ACPR since 1986.

Alan offers a comprehensive health services offering that includes customized prevention plans, augmented reality for ordering glasses, access to doctors and healthcare professionals seven days a week through a virtual clinic, and psychological support. The company is known for its swift service, with a response time of just 2 minutes and 90% of healthcare expenses reimbursed on the same day, 80% of them within an hour.

Alan operates across France, Spain, and Belgium, serving more than 25,000 businesses, 13,000 freelancers, and a total of 500,000 end-customers. It reports an annual recurring revenue (ARR) of EUR 350 million and a growth of ARR of more than 38% in 2023. More than 5,000 new clients, such as Celio, Clinitex, Duracell, Mantu, and Sia Partners, chose the platform last year.

Alan has raised EUR 440 million since its inception and was valued at over EUR 2.7 billion during its Series E funding round in 2022.

Spendesk

Spendesk is a comprehensive spend management platform designed to save businesses time and money by streamlining and connecting all aspects of company spending. The platform integrates everyday technologies, incorporates built-in automation, and features an intuitive approval process, enabling employees to manage expenditures efficiently while providing finance leaders with complete visibility over the entire company’s spend.

Founded with a vision to simplify financial operations, Spendesk is trusted by thousands of companies and serves over 200,000 users across France, the UK, Germany, and Spain. The company operates offices in Paris, London, Berlin, and Madrid, emphasizing community at the core of its operations. In addition to its spend management platform, Spendesk also runs a global community of finance leaders called CFO Connect which boasts more than 12,000 members.

Spendesk also provides payment solutions through a subsidiary called Spendesk Financial Services. This entity operates independently and is authorized by the ACPR to provide payment services across the European Economic Area (EEA), supporting the company’s operations with agile and secure financial services.

To date, Spendesk has raised over US$300 million in funding and is valued at US$1.5 billion, according to CB Insights.

Shift Technology

Founded in 2014, Shift Technology is a leading provider of artificial intelligence (AI)-powered decisioning solutions designed to enhance the global insurance industry. The company’s products enable insurers to optimize and automate critical decisions throughout the policy lifecycle, from underwriting to claims processing.

Shift Technology employs sophisticated AI technologies to assist insurers in mitigating fraud and risk, enhancing operational efficiency, and delivering exceptional customer experiences. The company’s offerings include fraud detection software that leverages AI and machine learning algorithms to analyze extensive datasets, identify patterns, and flag potentially fraudulent claims. Additionally, its claims automation solutions streamline various aspects of the claims process, accelerating handling times, improving accuracy, and reducing the overall time required to settle claims. These solutions are utilized by leading insurers in property and casualty, travel, health, workers’ compensation, and life insurance sectors across more than 25 countries.

Headquartered in Paris, Shift Technology also has offices in major cities including Boston, Frankfurt, Tokyo, Singapore, London, Madrid, Toronto, Mexico City, and São Paulo. To date, the company has raised US$320 million in funding and is valued at US$1 billion, according to CB Insights.

Shift Technology has been recognized for its impact on the insurance industry, being named to the 2022 Fintech Global Insurtech 250, the 2022 CB Insights Insurtech 50, and the 2021 Digital Insurance Agenda Top 100 Insurtechs to Watch.

Swile

Founded in 2018, Swile specializes in digital solutions for employee benefits, such as meal vouchers and gift cards. The company provides a super-app for employees and an accompanying payment card.

The Swile Card is an all-in-one card that consolidates meal vouchers, gift vouchers, and mobility benefits onto a single smart card. Compatible with Apple and Google Pay, the Swile Card simplifies transactions and allows users to link their bank card to cover any excess amount beyond the daily limit.

Additionally, the Swile App fosters team cohesion by enabling employees to send praise, organize social events, and manage collections. The app also features gamified surveys and a powerful analytics tool to gauge and enhance team engagement.

Swile stands out as one of the largest players in France’s employee benefits industry, handling EUR 3 billion in transaction volume annually. It operates in France and Brazil, supporting over 5.5 million users and collaborating with 85,000 companies, including prominent names such as Carrefour, JCDecaux, PSG, and Spotify.

To date, Swile has raised over US$328 million in funding, according to CB Insights, and is one of France’s tech unicorns.

Lydia

Founded in 2013, Lydia is a leader in peer-to-peer (P2P) payments. The company provides a platform for users to send and receive money, pay bills, and manage their finances through a mobile app. It’s known for its user-friendly interface and its focus on simplifying financial transactions for its users.

Lydia has gained popularity in France and has expanded its services to other countries, including Spain and Germany. It claims more than eight million users.

In May 2024, Lydia launched a new strategic initiative by introducing a challenger bank called Sumeria. This move is accompanied by a significant investment of EUR 100 million and plans to hire 400 new employees over the next three years. The new strategic direction involves repositioning the Lydia app solely for P2P payment transfers between friends and contacts, while the broader banking services will be provided through Sumeria.

Sumeria will offer a comprehensive suite of banking services, including current accounts, joint accounts, savings, credit, and investments, along with a dedicated IBAN and a Visa debit card. To enhance customer experience, Sumeria will also open a bank branch in Paris, designed to provide personalized support similar to the Apple Store’s Genius Bar. The company aims for Sumeria to attract five million customers within the next three years.

Lydia has raised a total of EUR 235 million to date, including a US$100 million Series C round in 2021, which contributed to its unicorn status.

PayFit

Founded in 2015, PayFit is a company dedicated to simplifying payroll management and human resources (HR) processes for SMEs. The company has developed a fast, intuitive, and automated software-as-a-service (SaaS) solution designed to help business owners and HR professionals save time and money.

PayFit’s platform automates the payroll process, including calculations, deductions, and payments, and handles various HR functions, such as employee onboarding, time tracking, and leave management. The solution is designed to be intuitive and easy to use, allowing business owners and HR professionals to efficiently manage their payroll and HR processes without needing extensive technical knowledge. The platform also integrates with other business systems and tools, facilitating seamless data exchange and reducing the need for manual data entry.

Initially established in France, PayFit has rapidly expanded its presence to Spain and the UK, now serving over 6,500 companies, including notable names like Biocoop, Heetch, and Gymlib.

As of now, PayFit has secured more than $497 million in funding and holds a valuation of US$2.1 billion, according to CB Insights.

Featured image credit: edited from freepik