In a recent study of the Panorabanques bank charges comparator, one in five French people exceeds their authorised overdraft facility each month resulting in additional overdraft bank fees being levied. The result is an ongoing cycle of cashflow shortfall and compounded bank fees pushing more families further into the red.
This is where Finfrog shines, by offering short term loans or micro loans which the startup states are much lower than compared bank overdraft rates. Since launch in 2016 the startup has provided micro loan support to more than 60,000 customers and garnered favoured partnership support from large industry players such as Uber eats and Iziwork.
Speaking on the investment “We are delighted that an investment fund such as RAISE Ventures has recognised in Finfrog its dimension of social utility. We will be able to accelerate in this direction, and get more French people out of bank overdrafts”, explains Riadh Alimi, founder and CEO of finfrog.
“The innovation brought to micro-credit by the different tools developed by Finfrog creates a real responsible alternative to bank overdraft. The human and societal dimension of the model quickly convinced us, and moreover fully aligns with our convictions at RAISE. We are very happy to support the Finfrog team in their ambitious development projects ”, commented François Collet, Partner of RAISE Ventures.