The mobile operator has obtained in recent weeks various authorizations that would allow him to launch soon a neobanque . The service could simply be called "Free bank", a brand that the Iliad group has owned since the mid-2000s.
The Iliad group seeks to diversify its activities. After a thunderous and successful entry into the mobile market, Free could launch in the coming months a Neo-Cuban.
Free now has all the amenities to launch a banking service
According to information on the Mind Fintech website, a subsidiary of the group called Iliad 78 obtained on October 24th from the Prudential Supervisory Authority (ACPR) the right to deploy account aggregation services (AISP) and Payment initiation (PISP).In other words, Free can now launch a bank offering a current account and a means of payment to its customers. Earlier in September, Iliad 78 already obtained a SWIFT code, a mandatory international identification number for all banks, traditional or online.
The Neobanque sector is not without difficulties for new entrants
The service could be called "Free bank". The mobile operator filed the mark in the 2000s, which indicates that Xavier Niel's teams have the idea to embark on the banking market for a very long time." If one day we had to get into banking services, we should be faithful to our values: simplicity, innovation, and attractive prices, but this is not our priority today ", declared in 2017 Thomas Reynaud, General Manager Iliad. These different maneuvers prove that Free has accelerated the development of the project, even if no launch date is mentioned at the moment.
At the end of 2017, Orange was the first to enter the neo-bank market with Orange Bank, its online service born from the acquisition of Groupama Banque a few months earlier.
The service, after a more complicated development than envisaged, now has nearly 344,000 customers, with a very ambitious goal of 2 million users by 2025 but displays very high losses due to the high cost of acquiring customers.
Source: Capital
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