MemoBank raised €20 million

MemoBank, a Paris, France-based bank for small & medium-sized businesses, secured €20 million ($22M).

€9 million was raised from Xavier Niel (Iliad), Thibaud Elzière (eFounders), Oleg Tscheltzoff (Fotolia), Marc Menasé (Founders Future), Pierre Valade (Sunrise) or Didier Le Menestrel (La Financière de l'Échiquier).

Another  €11 million was raised from BPI Investissement, BlackFin Capital Partners and Daphni.

Proceeds will be used to counter Qonto.

MemoBank, founded in 2017 by Jean-Daniel Guyot (CEO) and Michel Galibert, is a new independent bank for small and medium enterprises (SMEs). They help executives grow their business by offering them loans and tools to manage their cash flow.