"It's okay to be wrong, and it's important that you understand that." 🦸 ♀️ For this new episode, we discuss with the excellent Louis Chatriot, CEO and co-founder of Alma, who answers Yacine Sqalli's questions. Alma is our French nugget of Buy Now Pay Later. Since 2018, the startup has been offering payment in installments to SMEs. Alma is above all 400 employees, 10 merchants supported, 000 billion € in volume of transactions each year, more than 1,5 million euros raised (not counting half a billion € in debt). The startup is a member of the NEXT 200. 🇫🇷 🦄 Louis went through Stripe, learned to code at 40 years old, and plays Tetris during his calls (game he developed himself). An episode without filter! On the program for this second part 🌶️ Rationality in entrepreneurship 🌀 Corporate culture 🦾 Its most beautiful fails 💎 Radical humility 🛎️ A resale of Alma? Thank you Louis for your feedback ✨

“The concept of unicorns is a concept that makes no sense. 🤑 For this new episode, we discuss with the excellent Louis Chatriot, CEO and co-founder of Alma, who answers Yacine Sqalli's questions. Alma is our French nugget of Buy Now Pay Later. Since 2018, the startup has been offering payment in installments to SMEs. Alma is above all 400 employees, 10 merchants supported, 000 billion € in volume of transactions each year, more than 1,5 million euros raised (not counting half a billion € in debt). The startup is a member of the NEXT 200. 🇫🇷 🦄 Louis went through Stripe, learned to code at 40 years old, and plays Tetris during his calls (game he developed himself). An episode without filter! On the program for this first part 🦄 The concept of unicorns: nonsense? 🤑 His vision of fundraising 🥖 The French market: "a weird market" 🦸 ♀️ Alma: obvious 🧠 His curiosity, code and games Thank you Louis for your feedback ✨

When we hear that factoring represents 18% of GDP in France, we feel that there is a very good development opportunity for this young start-up created by former colleagues from Spendesk. Morgan breaks down the value chain for us and explains in detail the needs of SMEs for short-term financing. Deploying an easy-to-use API, Defacto makes it possible to obtain financing, transparently in the blink of an eye. We are doing a quick update on the BNPL in 2023, on the notions of B2B checkout, vs BNPL B2B. There is also talk of the collaboration with the Viola Credit fund recently created by the Israeli VC and the upcoming creation of a common securitization fund. We also focused on partnerships with FinTechs on the international deployment strategy and on the evolution of the typology of customers. Finally, we understand Defacto's long-term strategy and you will still see that risk plays a central role in it!

After great experiences in start-ups and scale-ups, Edouard decided to undertake. Co-founded with Logic Founders, Numeral enables businesses to send, receive and reconcile payments through their banks with a single API and Dashboard. It is a technical discussion, but not only accessible and fascinating. As I like to understand in detail, I asked Edouard to describe the Spendesk and Swile "use cases" to us to take what has been deployed, but also to perceive their value proposition and their USP. We cover many topics: the contribution of Logic Founders, the new customer integration project, the productization of banking integrations, maintenance, the European Payments Council, the business model… This in-depth discussion also brings us to talk about FinTech choices leaving their BaaS provider and its consequences. Finally we talk about market evangelism, development strategy and building an ecosystem.

A conversation that covers many topics, from scaling a business in payments to Twitter and the timing of IPOs. In this episode, I speak to Josh, a banking lawyer who worked at the US Federal Reserve, Deutsche Bank, Crédit Agricole and Bank of America before joining the FinTech world at Checkout.com, the payment processing company. Josh takes us through the macro and micro steps Checkout.com took to prepare for their international expansion when he was COO. He uses Saudi Arabia as an example, providing insight into how the team was assembled, core functions established, and local teams deployed. We look at the benefits of deploying from Europe, where a standard of excellence is established in the key areas of anti-money laundering and data protection. We learn that data has always been key to their scaling, and get a first-hand look at how it's processed to be very efficient at resolving bottlenecks very fast. We also dive into their regulatory strategy for expanding outside of Europe. Josh joined Wilson Sonsini, a tech-focused US law firm, a few years ago and we learn about their relationships with big tech companies like Netflix and Apple. Discovering a start-up history, from its formation as a legal entity to more complex litigation cases, is a special treat. You'll also learn about the key roles that these top notch advisors play. If you want the inside scoop on IPOs, we pinpoint the exact timing required to make it a success.

Unknown to most, the job of vaporizer plays a central role in the valuation of assets and in the life of funds. To fully grasp the challenges of this critical function, we return with Yann to the concepts and standards in place in the different valuation contexts following asset categories and geographies. We understand that the evaluation work is unfortunately still based on spreadsheets where the risk of error and the use make it particularly inefficient. This is where it gets interesting: friction, risk of error, data to collect and manage, regulations and tedious processes. All the ingredients are there to put some Tech in it. We study concrete practical cases of NAV calculation in VC and Private Equity and see where and how the 73 strings value proposition fits into this whole chain from data collection to evaluation. Yann tells us about the Advisory Board, the first customers like Eurazeo, audibility features, the business model and relations with a whole series of players: service providers, independent vaporizers, GPs, Consultants, Banks As always, we will end with the vision of this young start-up which has a lot to bring to the entire finance industry: from companies to asset managers.

Carrying out market activities for Banks, Asset Managers or Hedge Funds requires real-time monitoring of many risks and in particular market risk. Whether in the interest rate, foreign exchange, equity or commodity markets, whether it is necessary to monitor liquidity, volatility or counterparties, financial institutions struggle to meet regulatory requirements on the one hand and offer teams 'data driven' tools from the other. This is a "pain point" that Opensee solves for its customers. We are therefore looking further into this subject of risk management with Stéphane: its implementation, its evolution following the sub-prime crisis and more recently the Bale IV reform. You will see that this subject concerns a lot of people: Market Departments, Trading desks, Risk or finance and that one of the major issues concerns data. We see how the value proposition of this start-up present on three continents has evolved, look at the deployments it carries out and the specific needs of its institutional clients. I warn you that there is a bit of theory. We come back to the notion of "Value at Risk" and its limitations and understand the main differences with "Expected Shortfall". We close this discussion on the notion of “best execution” and Stéphane explains to us on this subject how Opensee can really unlock business opportunities for its customers.

Cyber-risk, one of the challenges of the decades to come, is often little, badly or not covered by SMEs. This is the observation from which STOIK started 12 months ago. Launched by Jules and three other partners, this start-up has developed tools for SMEs to enable them to better counter cyber-attacks, but also an insurance product that allows them to cover this risk. We come back to these new kinds of risks that can completely destroy the activity of companies that are often poorly equipped, trained and insured. Combining risk monitoring tools with insurance allows SMEs to protect themselves and STOIK to calibrate and refine its offer thanks to the collection of key data. Data that makes it possible to precisely determine the company's risk posture and the loss expectation of the claim. Jules shares with us the different actors with whom STOIK works to develop its products: on the technical side, and on the insurance product side: such as Acheel, Tetris, Oxibox, Inquest. It is a booming market that has enabled STOIK to quickly validate the PMF, to develop its tools and to quickly make itself known to brokers. We return to the pivot of the SME to brokers, on the two fundraisings, in particular the Series A announced very recently.

The democratization of Web3 to a wider audience has catalyzed the use of crowdfunding for many start-ups and in particular to get closer to its community of users and give it a real role in the entrepreneurial adventure. Pauline explains how Crowdcube, launched in 2011, has taken advantage of its customers' communities to grow and reach more than 1,2 million members today from more than 120 countries. Launched in Exeter in the United Kingdom, this start-up is being deployed at European level and particularly in France. We examine the evolution of trends in this market and make a small "zoom" on the new European regulations which created the status of European provider of crowdfunding services. We are of course talking about blockchain topics, which are totally topical within this scale up, one of whose investors is none other than Circle, the USDC issuer. We return to the positioning of "crowdequity" vis-à-vis other financing methods, in particular non-dilutive financing methods such as the RBF. We are of course addressing the subject of secondary education and seeing the place that Crowdcube gives to start-ups that use the platform. Finally, Pauline discusses the recent capital increases of Qonto and Finary with their clients. Pauline's book recommendation: Magellan by Stefan Zweig

Started like many start-up projects on an excel spreadsheet, Waltio has implemented tax software that allows individuals to correctly declare taxable capital gains as well as income generated by crypto-currencies. Without going into the subtleties of the tax code, we see how the rapid development of this sector poses serious problems for French taxpayers. Whether it is the multiplication of exchanges, the disappearance of some, the development of passive income through "staking" or "lending" or even the explosion of Decentralized Finance, the complexity of this entire ecosystem makes almost impossible statements on Sunday evening, do it right away. Pierre explains to us the integrations they have carried out and their modus operandi with the actors in place to deliver quality reports. We are still talking about 105 integrated platforms and blockchains. We return to the subjects of valuation of assets, accuracy of calculations and updates of both tax rules and restatements resulting therefrom. Relying on influencers who help to evangelize crypto investors, Waltio must also invest a lot of energy in training the various stakeholders, users, legislators or administrations. Guest Recommendations: Philip Knight's Art of Victory Jonathan Lefèvre's Customer Service Obsession

We go from the beginnings of Ameliste more than a decade ago to the deployment of Treezor internationally. Eric explains to us how he and Xavier patiently rolled out one of the very first "Banking as a Service" in Europe. As a precursor of FinTech, with the support of ARKEA and then Société Générale, Treezor has enabled many FinTechs to launch, in particular Qonto and Lydia. Time, effort, testing of new "use cases" and the growth of the FinTech ecosystem have enabled this young shoot to become a BaaS solution at European level. Eric tells us about the takeover by Societe Generale and how this start-up was able to take advantage of the group while maintaining a form of independence absolutely necessary to maintain its agility. Of course, we are talking about the nature of relations with the shareholder, the way in which Treezor had to develop its platform and was able to increase its skills to meet growing requirements, particularly on compliance issues. We talk about the evolution of the client portfolio: the needs of corporates as well as those of other FinTechs present in the other European countries in which the scale-up is present. Guest Recommendation: Scaling Up by Verne Hernish