8 million euros for Shine, the banking application that wants to seduce the self-employed
Nicolas Reboud created Printic, a mobile photo printing solution that could easily be personalized, sold to M6 in 2014, and where Raphaël Simon worked for 1 year as an independent developer. They embarked on the entrepreneurial adventure together with Shine which allows freelancers to create and manage their bank account from their mobile application.
After raising 2.8 million euros in July 2017, the start-up has just completed a second round of funding of 8 million euros. This was completed with XAnge (Ledger, Chauffeur Privé, Lydia), Daphni, the Marie Ekeland fund, and business angels Gilles Samoun and Ed Zimmerman. To date, the neobank claims 25,000 users.
More details with Nicolas Reboud, CEO and Raphael Simon, CTO of Shine:
FrenchWeb: What needs does your service meet?
Today, a self-employed person manages an administrative complexity similar to that of a company that employs several people, while he is alone. They have to do everything at the same time: find and satisfy their customers, get paid on time, properly manage their accounts, plan their cash flow, finance projects… No wonder that many freelancers are intimidated, even anxious, in front of all this.
In this context, Shine plays a real role of co-pilot, who guides the independent through the administrative maze. We answer his questions, remove his doubts, reassure him, and automate everything that can be done from a smart bank account.
What is your value proposition?
Shine is a real survival kit for all independent people. The service is built around a free pro account, where all other pro accounts in the market are paid. They are often very expensive, and are never designed primarily for the self-employed, but rather for traditional businesses, which have very different needs. In addition, there are services that greatly simplify administrative management: invoicing, receiving online payments, forecasting charges, administrative reminders, automated management of receipts, accounting export, chat 7 days a week … It is even possible to create your status micro-entrepreneur for free from the app!
Who are the users of your solutions?
Shine is aimed at all freelancers, whatever their status (self-employed, liberal profession, SASU, EURL, sole proprietorship, etc.) and whatever their profession: digital freelance, VTC, biker, lawyer, mechanic, etc. We even have hairdressers and doctors among our clients! We have all ages and all geographies represented. We must believe that administrative phobia has no age!
What is your development plan?
We forge a very strong bond with our users and are very attentive to their feedback. With this in mind, we wish to continue the development of the product on two axes: – Continue to simplify the accounting of the self-employed – Offer financial services dedicated to their activity. The self-employed are a segment of the population neglected by traditional banks, often due to a lack of regular income or permanent contracts.
We are around 20 employees, including the freelancers with whom we work, who are an integral part of the team. We are very proud of what we have accomplished in such a short time, with limited resources! We will now accelerate our growth and double our workforce by the end of the year.
The problems that the independents face do not stop with France, they are found all over Europe! We therefore wish to internationalize from next year. We have not yet decided which country we will start with.
What are your challenges?
We want to become the benchmark bank for independents in Europe. For this we want to open up to 3 countries by 2020 and go from 18 to more than 100 employees.
Who are your competitors?
What is funny when you create such a broad service is that you are competing with just about all the services that directly or indirectly affect banking or administrative management. We don’t really look at what’s being done, and try to create a new category of service: we have a very strong bond of trust with our users, because we are the first to create a service from scratch for them! We are the first to offer them innovative services that are truly adapted to their needs, whether at the financial, administrative or customer relationship level.
Who is the entrepreneur who inspires you?
Elon Musk for his ability to innovate on very complex substantive technical subjects, while creating an extremely simple product for the general public.
The 5 applications that are essential for you and why:
- Intercom: This allows us to create a very strong and personalized bond with our users.
- Notion: It is a collaborative note-taking tool that allows us to work asynchronously. This is important since we promote remote work and we often have a very busy schedule. A must have.
- Spotify: Music is life. We are all music fans at Shine and we also reimburse the subscription to all of our employees.
- Analytics mode: It is a data analysis and dashboard creation solution that allows us to better understand our users and make the right market and product decisions.
- Google cloud: A cloud hosting solution that allows us to focus on creating value for our users, and less having to deal with infrastructure issues.
The 5 tech events you absolutely must attend and why:
- Google Cloud Next: To discover new cloud and artificial intelligence services and interact with companies that have very high traffic.
- ReactEurope: Our applications are developed on React and React Native. The opportunity to interact with brilliant people and why not recruit future talents.
- France Digitale Day: For the incredible family atmosphere that allows you to meet the stars of the sector at the corner of a corridor, without pressure.
- TulipConf: To have an enlightened eye of academics, politicians, financiers, and technologists on the new generations of blockchains and cryptocurrencies: how will they change the industries of the future? and in particular the financial industry?
A start-up for us to discover?
Uavia. A startup at the forefront of drones intended for the inspection of sensitive sites (power lines, airport, nuclear power plant, etc.)