BNP Paribas which runs French neo-banking startup Compete-Nickel is about to acquire around 95% stake in Financiere des Paiements Electroniques.
Compete-Nickel, which provides an online payments account, has proven hugely popular since launch three years ago. Customers can open an account, get an IBAN and receive an International Mastercard at a newsagent in less than 10 minutes. The company says it is registering a new account opening every thirty seconds and currently has 540,000 customers using the service, which provides a no-frills online deposit account and real-time payments processing
BNP Paribas says the acquisition fills out its banking portfolio, complementing the range of banking options available from the branch-based retail bank and app-based subsidiary Hello bank!.
Operating under the wing of BNP Paribas, Compte-Nickel has set itself a target of opening two million accounts by 2020.
Thierry Laborde, BNP Paribas group deputy chief operating officer, comments: “BNP Paribas is further extending its partnership range, both in terms of service and customer. T he Compte-Nickel offering will remain distinct from, and complementary to, the products and services provided by the BNP Paribas branch network and Hello bank!Like all the startups with which we have already long-term cooperation, Compte-Nickel will remain independent from the rest of the group.”