Budget Insight raises $35m from PSG Equity to lead Open Finance in Europe
France’s leading aggregator of banking and financial data and a pioneer of Open Finance in Europe, Budget Insight, has today announced $35 million in funding from PSG Equity (PSG), a major growth equity firm partnering with software and technology-enabled services companies, to help it rapidly develop its presence in Europe and further expand its offering.
Bertrand Jeannet, CEO of Budget Insight, said: “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 that we have everything we need to achieve this. I’m really thrilled to begin this new chapter in our story!”
Founded in 2012, Budget Insight quickly established itself in the Open Finance sector as one of France’s leading aggregators of banking and financial data. The company now provides tech solutions for an ecosystem of more than 200 businesses and financial institutions, including some of the largest French banks, insurers, asset managers, and several leading names in fintech.
Its API enables clients and their end users to aggregate financial data and documents, and initiate payments, while offering a seamless user experience and expertise in European regulatory requirements. Budget Insight’s solutions cover a wide array of services ranging from asset management and credit to corporate cash management, loyalty and payments.
Romain Railhac, Managing Director, PSG, said: “Budget Insight is strategically positioned in a financial services market that is undergoing profound transformation with the development of Open Finance. We firmly believe that the market in Europe will consolidate around a limited number of key players, including Budget Insight.”
PSG joins the existing shareholder, alongside the management team, Crédit Mutuel Arkéa, which invested in Budget Insight in 2019 to unlock the company’s strong growth potential and to help cement its technological edge and pave the way for its new stage of expansion across Europe.
Romain Bignon, founder of Budget Insight, said: “I’m more than pleased with the way this adventure has unfolded since it began, over a decade ago. Our past and future accomplishments are based on our technological prowess and our ability to offer one of the best Open Finance technologies on the market.”
Frédéric Laurent, Executive Deputy Manager and head of the Retail Customer Division at Crédit Mutuel Arkéa, added: “We’re proud of how far Budget Insight has come and are happy to support this new phase in its development. The partnership we began three years ago has enabled us to achieve strong, sustainable synergies to provide a richer, more seamless client experience. Budget Insight has consolidated its technological lead, accelerated its development in France and begun expanding in Europe. We believe it is now ready to tackle this new phase of growth on a European scale.”
The transaction is subject to the authorization of France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR).