Budget Insight Raised $35 Million from PSG Equity

Budget Insight, France’s leading aggregator of financial and banking data and pioneer of Open Finance1 in Europe, is pleased to announce $35m (€31m) in funding from PSG Equity (“PSG”), a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth and build scale across Europe and the US. PSG will also be a shareholder. Crédit Mutuel Arkéa. Crédit Mutuel Arkéa invested in Budget Insight in 2019 due to Budget Insight’s strong growth potential and the natural synergies arising from the combination of the two players. Budget Insight was able to consolidate its technological edge and open the door for a new phase of European expansion. Going forward, Crédit Mutuel Arkéa will continue to partner with Budget Insight to help drive innovation in the financial services industry.

Budget Insight was founded in 2012 as a fintech firm. It quickly established itself in the Open Finance sector as one of France’s leading aggregators of banking and financial data. It provides tech solutions to more than 200 institutions and businesses, including many of France’s largest banks, insurers and asset managers.

The Budget Insight API2Clients (banks and fintech firms, lenders and asset managers, as well as software companies) can use this tool to combine financial data and documents and initiate payments. Budget Insight’s powerful technology, seamless user experience and expertise in European regulatory requirements enable it to provide its clients with the tools they need to help them unlock more value from financial services. The solutions it offers range from asset management and cash management to corporate cash management, loyalty, and payments.

Budget Insight will be able to develop new products, significantly expand its European reach and consolidate its position amongst leaders in Open Finance. The industry is currently dominated by just a handful of large players. Budget Insight intends to increase its workforce significantly by 2025 in support of this acceleration phase. To grow its sales, technology, and product teams, Budget Insight already has 50 open positions.

PSG has helped software companies accelerate their growth. They have also empowered them to increase market share and a view towards market consolidation. PSG teams work hand in hand with business leaders and management teams to help them hone their strategy, drawing from their strength in M&A and international expansion, especially in Europe and the United States, while pursuing a sustained investment plan. Budget Insight is PSG’s 6th investment in France and its 16th investment in Europe.

“I’m more than pleased with the way this adventure has unfolded since it began, over a decade ago. Our technological prowess as well as our ability to offer one the most innovative Open Finance technologies in the market have shaped our achievements and those of the future. And for that, we know we can count on our amazing, fast-growing team!” Romain BignonBudget Insight is a founder.

“PSG’s arrival marks a new milestone for Budget Insight, whose ambition is crystal clear: to become a European champion in Open Finance. We believe we have everything necessary to reach this goal: a B2B model that has been tried and tested for the past 10 year, cutting-edge technology that is beyond Open Banking, sectorial expertise that extends beyond Open Banking, an ecosystem that includes over 200 partners and shareholders that share our vision. I’m really thrilled to begin this new chapter in our story!” Bertrand JeannetBudget Insight’s CEO is.

“Budget Insight is, in our view, strategically positioned in a financial services market that is undergoing profound transformation with the development of Open Finance. Budget Insight is one of the few key players in Europe’s market. We were attracted by Budget Insight’s commitment and ambition to provide financial services companies and institutions with secure, comprehensive connectivity and strong added value. Our support should help the business to rapidly develop its presence in Europe and further expand its offering.” Romain Railhac, Managing Director, PSG.

“We’re proud of how far Budget Insight has come and are happy to support this new phase in its development. We have been able to build strong, long-lasting synergies that allow us to offer a better, more seamless experience for our clients since we started the partnership three years ago. Budget Insight has taken a strong technological lead and has begun to expand in Europe. We feel it is ready to take on this new phase in growth at a European scale with the aim of becoming an example of Open Finance services. Crédit Mutuel Arkéa will support this ambition, alongside PSG Equity, with the same conviction it has shown since investing in the company.” Frédéric Laurent, Executive Deputy Manager and head of the Retail Customer Division at Crédit Mutuel Arkéa.

The transaction is subject to the authorization of France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR).

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