France: Investment Plan - EIB finances development of Famoco
31 January 2020
A €20m loan granted by the EIB under the European Growth Finance Facility (EGFF) programme developed as part of the Juncker Plan
The EU once again demonstrates its commitment to data sovereignty, which will help create new jobs, particularly in Famoco's core sectors of transport, payments and identity.
Thanks to this loan, the French firm will step up its strategy of innovation and enhanced digital security for mobile workers, and consolidate its international presence – especially in Africa.
Renowned for its commitment to data sovereignty since it was founded in 2010, Famoco has revolutionised the use of business smartphones and currently enables over 1 400 companies worldwide – in 50 countries, including 30 in Africa – to deploy all their business apps on a single secure terminal controlled from a SaaS platform.
With extensive expertise in the transport, payment and identity sectors, Famoco wishes to consolidate its international presence, particularly in Africa, contributing its know-how to that continent’s digital transformation by making new kinds of mobility-related usage secure.
This loan will help Famoco to step up its innovation strategy, particularly in the field of payments, by turning a business smartphone into a payment terminal and combining on a single terminal all new means of payment; QR code, contactless cards, biometrics, cryptocurrency, facial recognition, etc.
With a fleet of 250 000 terminals deployed across the globe, Famoco aims to set up a shared platform with its partners in order to offer professionals all mobile business apps dedicated to improving their operations and payment options.
This EIB operation is part of the European Growth Finance Facility (EGFF) programme, under the guarantee of the European Fund for Strategic Investments (EFSI), also known as the Juncker Plan. This facility enables the EIB to provide non-dilutive funding, with bullet repayment, so addressing the funding needs of fast-growing companies, which must invest in R&D before being able to enjoy significant sales revenue.
Valdis Dombrovskis, European Commission Executive Vice President for an Economy that Works for People, said:“Mobile payment has become a part of consumers’ lives. The Commission supports and encourages the French fintech Famoco which, thanks to this €20m loan, will be able to develop innovative, secure mobile payment systems, stimulating the creation of jobs and growth in over 50 countries, including many in Europe and on the African continent.”
EIB Vice-President Ambroise Fayolle added:“The EU bank is very proud to back Famoco in its growth ambitions. This firm combines digital innovation and development support so it meets a number of the long-term investment goals of the EIB, which is keen to promote European fintechs whilst also contributing to inclusive growth for developing countries.”
Famoco CEO Lionel Baraban stated: “The digital revolution has led to usage on the African continent that Europe, with its wealth of infrastructure, would doubtless never have imagined, especially in the area of mobile payment. The north/south pattern has been turned on its head, and with innovation now coming from Bamako, Addis Ababa, Kampala and Nairobi, the experiences of the African continent can serve to enhance Europe. Famoco has all the tools needed to foster this exchange and develop these new types of usage on the European market.”
Famoco has revolutionised the use of secure business smartphones in the fields of transport, payments and identity. Famoco has devised a software and hardware solution enabling companies to deploy all their critical business applications on a single terminal controlled from a SaaS platform. This fintech from the French Tech scene generates 80% of its revenues on the export market and has more than 1 000 customers in over 50 countries, including 30 in Africa. Famoco benefits mobile workers by protecting data sovereignty and security. Famoco's leading customers include: United Nations, Orange, SNCF, HID, Vodacom, Keolis, WeChat, Alipay and FDJ.
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