France-based personal finance platform developer Linxo has raised €20m ($24m) in funding from insurance provider Maif and financial services firms Crédit Agricole and Crédit Mutuel Arkéa.
Founded in 2010, Linxo has developed a platform that aggregates accounts from different banks and automatically categorises spending to provide an insight into a user’s cashflow and help facilitate budgeting. The software can also predict overdrafts up to 30 days in advance.
Linxo aims to open its platform to third-party developers with a view to creating an ecosystem of applications that users can easily link to their account. The company is also targeting an expansion across the European Union beginning in 2018.
The expansion across Europe is made possible by the Revised Directive on Payment Services, an EU regulatory framework that simplifies cross-border transactions and mobile payments, while increasing consumer protection. The directive is set to come into force in January 2018.
Linxo has now raised €23.2m in funding, it said. Crédit Mutuel Arkéa first participated in a €500,000 round in 2012 alongside Sagax and various angel investors, before returning in 2015 to provide another €2m alongside Crédit Agricole.
The company’s other investors include Epic BPI-Groupe, the French government agency responsible for managing public investment bank Bpifrance, and accelerator Scientipole Initiative.