Public edition

CarveLines Publications · Competitive benchmark · Savings and wealth management in France

Investment and savings
fintechs in France

Market map, benchmark of twenty players on six dimensions, dynamics, white space and implications by player type

ScopeFrench market

Period coveredJan 2025 to Sep 2026

Date29 September 2026

Versionv2.8, public edition

ForExecutive committees and strategy teams

Executive summary (1/2)02 / 47

Flows shift to large players; profit comes from scale, the issuer model or B2B

What the benchmark shows: market, landscape, pricing, economics, at 27/09/2026

Market · pages 5 to 8

The battle is for new flows, and foreign providers are capturing them

Livret A from 3.0% to 1.7%: regulated savings are ebbing (-€8.2bn in 2025), life insurance is taking in +€50.6bn; 780,000 new equity investors; French pure players manage ≈0.5% of financial savings.

61%

of new equity investors go through a provider based outside France (2025)

Landscape · pages 9 to 11

Everyone targets the mass market, and each model is expanding into the adjacent space

3 players alone target high-net-worth clients; Trade Republic is opening the PEA and then the Livret A, Revolut is becoming a licensed bank in France, Finary an investment firm: the leaders are moving up in regulatory status to broaden their offer.

49 / 61

longlist players target the mass market (mass market or mass affluent)

Offer, pricing and customers · pages 12 to 19

Execution is a loss leader; managed portfolios remain expensive, with little tiered pricing

€10,000 order: €1 at Trade Republic, €60 at BoursoBank; at €100k, managed portfolios cost €1,400 to €1,900 a year; service makes the difference: delays are the top pain point, ahead of fees and access to a human.

×7 to ×9

annual cost of managed portfolios versus an ETF in a PEA, at €100k

Size, profitability and funding · pages 20 to 25

Profitability comes from scale, from being the issuer or from B2B, and capital follows scale

Net income: BoursoBank €176m in H1 2026, Revolut ≈€1.5bn, Harvest France €11m; robo-advisers are loss-making below €1bn of AUM; Revolut and Trade Republic have raised 7.8 times the €321m raised by the thirteen French specialists.

≈€2bn

of AUM: the break-even point observed at the leading robo-adviser

Sources: Ministry of the Economy (S1); Banque de France (S2); France Assureurs (S3); AMF (S4); player websites and registers, Pappers (S5); Trade Republic (S6, S7, S11); Revolut (S8, S10); BoursoBank (S9); Yomoni (S12); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

Executive summary (2/2)03 / 47

Insurers and funds consolidate the middle; white space sits between robo and private bank

What this changes: market structure, white space and stakes by player type

Market structure · pages 26 to 31

Insurers, mutual insurers and funds are buying up digital distribution and infrastructure

Apicil (Nalo), Malakoff Humanis (Mon Petit Placement), Generali (Altaprofits), Amundi (WeSave); AG2R La Mondiale in Goodvest, Ramify and Bitstack; capital is contracting: ≈€1.1bn raised in 2025, 20 business closures in H1 2026.

fintech M&A deals in France in 2025

White space · pages 26 to 31

The least-served needs lie between robo-advisers and private banking, and on the corporate side

Fixed-fee advice for portfolios of €100k to €500k; retirement for the self-employed and business owners; employee savings for SMEs; unlisted assets held within tax wrappers; AI and compliance tools for the 7,712 CIFs.

+9.3%

in CIF adviser numbers in 2025: human advice is growing alongside digital

Implications · pages 32 to 33

Incumbents: capture new flows without cannibalising the back book; specialists: reach scale

Incumbents: balance defence of the back book in branches with a digital brand for younger savers' flows; specialists: grow to critical mass, partner with an insurer, a mutual insurer or a bank, or supply other distributors in B2B2C.

×70

Trade Republic's AUM relative to Yomoni's

Counterpoint · pages 26 to 31

Networks retain the back book, and fees are falling slowly

400,000 PEAs at Trade Republic, i.e. ≈5% of the 7.3m PEAs; fees on unit-linked funds have fallen by only 2 bp in a year; 44% of investors decide without advice (+3 pts).

Sources: Observatoire de la Fintech (S13); KPMG (S14); ORIAS (S15); Trade Republic (S6); Banque de France (S16); France Assureurs (S17); AMF (S18); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

Contents04 / 47

1Market and scopepages 5 to 8

05	Market shares	French pure players manage ≈0.5% of savings
06	Net inflows	The Livret A is falling; net inflows are shifting to life insurance
07	Shortlist	Twenty players out of 88, at least one per segment
08	Neobrokers	Foreign neobrokers are capturing new equity investors

2Landscape and modelspages 9 to 11

09	Regulatory status	Status shapes the model; the leaders are moving up in status
10	Convergence	Each model is extending its offer into the adjacent space
11	Market map	Competition is concentrated on mass-market execution

3Offer, pricing and customerspages 12 to 19

12	Offer	Trade Republic is adding tax wrappers, robo-advisers are adding advice
13	Brokerage	Brokerage is trending towards €1 per order
14	Total cost	At €100k, managed portfolios cost 7 to 9 times an ETF
15	Customer reviews	High, tightly clustered ratings; robo-advisers all at 4.4 or above
16	Performance	Managed portfolios in 2025: from -1% to +20% depending on the profile
17	Pain points	Delays dominate, ahead of fees and access to a human
18	Acquisition	Loss-leader pricing and referral schemes for half of the players
19	Distribution	B2B2C is attracting asset managers and specialists

4Size, profitability and fundingpages 20 to 25

20	Size	Trade Republic: 100 to 1,000 times the size of most specialists
21	Revenue	Beyond brokerage: deposits, subscriptions, AUM
22	Profitability	Profitability comes from scale, from being the issuer or from B2B
23	Funding rounds	Revolut and Trade Republic: nearly eight times the shortlist
24	Funding	Insurers, banks and LBO funds back most of them
25	Capital	Fewer rounds, more closures

5Dynamics and white spacepages 26 to 31

26	Dynamics	Four dynamics are pushing towards scale
27	Lessons	Scale and infrastructure pay; advice has yet to prove itself
28	White space	Between robo-advisers and private banking, and on the corporate side
29	Five models	Issuer and B2B infrastructure, the most accessible
30	Implementation	One breaking point per model, two quantified thresholds
31	Counterpoint	Networks retain the back book; fees are falling slowly

6Implicationspages 32 to 33

32	Incumbents	Capture younger savers' flows without cannibalising the back book
33	Specialists	Scaling up

The appendices, pages 34 to 47

A1 scope and method; A2 longlist and selection; A3 consolidation; A4 specialist segments; A5 sources.

1 · Market and scope05 / 47

French online savings pure players manage ≈0.5% of financial savings

Household financial wealth and AUM of digital platforms, 2025-2026

Financial wealth is concentrated in life insurance €bn, Q1 2026

Key tax wrappers

Wrapper	€bn	Reference point
Life insurance	2,174	Jul 2026; net inflows 2025 +€50.6bn
Livrets A, LDDS, LEP	699	end-2025; Livret A €449.6bn
Employee savings and occupational retirement	229	end-2025, +14.7%; 13.2m savers
PER (individual and corporate)	150	end-2025, +20%; 12.9m holders
PEA	126	end-2025; 7.3m plans

Pure players account for little of this stock €bn

≈€36bn

AUM of the French pure players
on the longlist

≈0.5%

of the financial wealth
of households

BoursoBank, a Société Générale subsidiary, alone manages ≈€100bn: nearly three times all the pure players combined
Trade Republic claims €150bn of assets in Europe, with no breakdown for France published

Sources: Banque de France (S19, S2, S16); France Assureurs (S20, S3); Caisse des Dépôts (S21); AFG (S22); DG Trésor (S23); BoursoBank (S9); Trade Republic (S11); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

Gross financial wealth in Q1 2026: €6,551bn (€6,590bn at end-2025). In dark blue, life insurance: €2,176bn, one third of the total.

Cervino estimate: sum of the AUM reported by 23 French platforms on the longlist (Ramify estimated at €0.65bn; advised assets for RockFi), relative to financial wealth at end-2025.

Estimation method: appendix A1.

1 · Market and scope06 / 47

The fall in the Livret A rate has shifted net inflows to life insurance and unit-linked funds

Household investment flows in 2025, Livret A and 10-year OAT rates

Flows are shifting to life insurance Household financial investments in 2025, €bn

The Livret A is decoupling from market rates Livret A and 10-year OAT rates

Key takeaways How to read this page

1The Livret A is decoupling: from 3.0% to 1.5% between 2025 and 2026, while the 10-year OAT rises to 4.6%; a gap of nearly 3 points

2Flows are going to life insurance: +€80.8bn in 2025, euro funds and unit-linked, while regulated savings ebb (-€8.2bn, of which Livret A -2.1)

Implication: capture savers where the flows are going (life insurance, PER and unit-linked) rather than in regulated savings.

Sources: Banque de France (S2, S27); Caisse des Dépôts (S21); France Assureurs (S3, S24, S17); DG Trésor (S23); Ministry of the Economy (S1); Emprunt patriotique (S25); Trading Economics (S26); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

1 · Market and scope07 / 47

Of 88 players identified, the shortlist retains the 20 that set the standard in their segment

From census to shortlist: numbers, criterion for each filter and coverage of the ten segments

88player profiles identified

Scoping lists supplemented by research
Ten segments, from order execution to adviser software
French and pan-European players active in France as at 27/09/2026

61players on the longlist

Entry criterion: a funding round (seed and beyond), visibility in an ecosystem (France FinTech, French Tech, Station F, Dealroom) or in the specialist press, or a significant market share in France
27 excluded: 11 below the threshold, 7 exited or defunct, 6 duplicates or integrated brands, 2 untraceable, 1 size benchmark

20players on the shortlist

Criterion: setting the standard in its segment through size, recent momentum or a distinctive model
At least one player per segment
Compared on six dimensions: product, pricing, reviews, size, funding, go-to-market

Six player families, used throughout the document Longlist players → shortlist players; no family above a quarter of the shortlist

Neobrokers9 → 2

Revolut, Trade Republic

European neobanks and brokers

Online banks11 → 3

BoursoBank, Fortuneo, Linxea

online banks, brokers and traditional brokerages

Robo-advisers5 → 4

Goodvest, Mon Petit Placement, Nalo, Yomoni

online managed portfolios

Private banking and IFAs7 → 4

Ramify, RockFi, Finary, Cashbee

Digital private banking 4 → 2; Finary 1 → 1; Cash savings 2 → 1

Alternatives and crypto18 → 4

Enerfip, Private Corner, Bitstack, Coinhouse

Alternatives 12 → 2; Crypto 6 → 2

Other11 → 3

Epsor, Harvest, Wealthcome

Aggregator 2 → 0; Employee savings 3 → 1; B2B infrastructure 6 → 2

Full longlist, excluded players and reasons: appendix A2.

1 · Market and scope08 / 47

Foreign neobrokers are capturing the majority of new equity investors

Share of providers based in another EU country, retail investors, 2025-2026

European providers dominate Breakdown of retail activity by provider's place of establishment

161% in 2025, 55% in H1 2026: the majority of new equity investors go through a foreign provider; 44% for ETFs

A new investor: younger, with a smaller ticket Key figures, 2025-2026

780,000

new equity investors in 2025; 1.6m over 2023-2025

1.1m

ETF investors in 2025 (+83%); 14.4m transactions (6m in 2024)

€95

median ETF order in Q2 2026 (€481 for equities): regular investment plans dominate

38 years

average age of ETF investors at end-2025 (41 a year earlier)

Neobrokers: online brokers and neobanks based in another EU country, serving French clients under the freedom to provide services or through a branch

Trade Republic (over 1m clients in France), Revolut (8m), Scalable Capital, eToro, XTB, DEGIRO, Trading 212. The AMF does not publish each player's share.

Latent demand is still broad, and informed outside the traditional networks

35%

of French people are considering investing in equities, +8 pts since 2023

44%

of 25-34 year-olds intend to do so in the short term

of under-35s get their information from influencers (4% on average); 14% via AI

435,000

first orders in H1 2026, including 203,000 with a provider outside France

2 · Landscape and models09 / 47

Status shapes the model; the leaders are moving up in status to broaden their offer

Longlist players by segment and main regulatory status, changes 2025-2026

Each segment rests on one or two statuses Number of players by main status

NeobrokersOnline banksRobo-advisersPrivate banking and IFAsAlternatives and cryptoOther61 longlist players; left-hand rule: segment family; boxes: leaders' new statuses

SegmentMarket	BankCredit	BrokerPSI	SGPManagement	CIFAdvice	BrokerLife ins.	PSFPCrowdfunding	CASPEx-PSAN	PaymentsEP	DistributorUnder licence	VendorSoftware
Pan-European neobanks and brokers	4	3					1		1
Online banks, brokers and traditional brokerages	5	1			5
Robo-advisers and managed portfolios			1	2	2
Digital private banking and augmented IFAs				4
Wealth aggregator (Finary)		1
Cash and yield savings	1				1
Alternative assets, PE and crowdfunding		2	1	1		8
Crypto							6
Budget aggregators (Linxo, Bankin')								2
Employee savings and retirement				1	1				1
B2B infrastructure (wealthtech enablers)								2		4
Total	10	7	2	8	9	8	7	4	2	4

The leaders are moving up in status to broaden their offer

Revolut

Licensed bank in France (Aug 2026): regulated savings, lending, PEA now possible

Trade Republic

Multilateral trading facility (BaFin, Jan 2026); Livret A via AXA Banque (Aug 2026)

Finary

Investment firm (Mar 2026), then CASP (Jul 2026): from aggregation to custody

Coinhouse, Bitstack

MiCA CASP: advice and portfolio management for Coinhouse; licensed since June 2025 for Bitstack

2 · Landscape and models10 / 47

Models are converging: each player is extending its offer into the adjacent segment

Offer extensions and status changes by player, January 2025 to September 2026

Three extensions into the adjacent segment Boxed: moves from one segment into the next; other moves in grey

NeobrokersOnline banksPrivate banking and IFAsAlternatives and crypto

Move	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Neobrokers Execution, securities accountRegulated savings, wrappers	Trade Republic: PEA, French IBAN, 3% account Revolut: ETF plans fee-free	XTB: PEA					Revolut: licensed bank in France Trade Republic: Livret A (AXA Banque)
Digital private banking and online banks Mass-market managed portfoliosHigh-end, advice			Ramify: PEA Finary One: from €500k		RockFi: fee-only	BoursoFirst: private banking > €2bn Finary One: raised to €1m
Crypto and aggregators Aggregation, cryptoLicensed status		Deblock: first CASP Bitstack: CASP			Finary: investment firm	Coinhouse, Meria, Paymium: CASP	End of MiCA transition: 31 CASPs
Other moves acquisitions, funding rounds, incumbent networks' response, milestones	RockFi: Series A (€18m) Harvest: cyberattack	Malakoff Humanis takes 65% of MPP	Harvest acquires Fincite and Manymore Goodvest: Series B	Yomoni profitable at €2.1bn WiSEED sold to Advenis	Harvest acquires Firstance	Crédit Agricole launches EKO, online and free	Revolut: €1 per order Wealthcome: Series B

Sources: Trade Republic (S6, S11, S7); Revolut (S8); BoursoBank (S9); Yomoni (S12); Maddyness (S31, S32); AMF (S30); Club Patrimoine (S33); Dogfinance (S34); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

Acquisition timeline: Appendix A3.

2 · Landscape and models11 / 47

Competition clusters in execution; HNWI advice and B2B2C remain sparsely occupied

B2C and B2B2C players in the longlist, by degree of delegation and target client

NeobrokersOnline banksRobo-advisersPrivate banking and IFAsAlternatives and cryptoOther53 players; in bold: shortlist

139 of the 53 players target the mass market on the execution side

2Only 4 players in advice or management for B2B2C and HNWIs

Competition is concentrated in mass-market execution; advice for high-net-worth clients and B2B2C remain white space.

Outside the matrix, 8 B2B players whose client is a professional or an employer: Harvest, Wealthcome, Upsideo, Charlie Finance, Powens, Lemonway; Epsor and Mūcho (employee savings). Full longlist and shortlist: Appendix A2.

3 · Offer, pricing and clients12 / 47

Trade Republic adds French wrappers; robo-advisers add advice and private markets

Offer of B2C shortlist players as at 27/09/2026; ticket: minimum investment

Offer coverage by player 18 B2C players; yes partial no; shaded columns: management and advice

PlayerBrand	Ticket€	Range and key featuresSummary
Pan-European neobrokers
Trade Republic	1	Equities, ETFs, bonds, crypto, Livret A
Revolut	1	Equities, ETFs, crypto, metals; robo 0.75%
Online banks and brokers
BoursoBank	10	ETFs, 1,000+ UL funds, structured, crypto ETNs
Fortuneo	300	Suravenir life ins.: euro funds, UL, SCPI, FCPR
Linxea	100	Four insurers, ETFs, SCPI, PE
Robo-advisers
Yomoni	1,000	ETFs, PE, structured, Luxembourg life ins.
Nalo	1,000	Goal-based allocation: ETFs, SCPI
Goodvest	300	SRI funds, green infrastructure
Mon Petit Placement	300	Thematic active funds (space, health, gold)
Digital private banking and augmented IFAs
Ramify	1,000	ETFs, SCPI, PE, structured; crypto dropped
RockFi	250,000	Open architecture, clean share classes
Finary	0	Aggregation, life ins., crypto; Finary One €1m+
Cashbee	1,000	Savings acct, euro funds, ETFs, structured
Alternatives and crypto
Private Corner	20,000	PE funds, secondaries, private debt
Enerfip	10	Renewable bonds, equity crowdfunding
Bitstack	1	Bitcoin only: round-ups, recurring purchases
Coinhouse	20	60 to 70 cryptos, staking, mandate
Other
Epsor	employer	PEE, PERCOL, SRI funds

3 · Offer, pricing and clients13 / 47

Brokerage is heading towards €1 per order: execution no longer pays for distribution

Fees on a Euronext buy order, basic plan, price lists as at 27/09/2026

Cost of a €10,000 order Euronext, in €

Pan-European neobrokersOnline banks and brokers

1€2 or less at all five neobrokers, even for a €10,000 order; €9 to €60 at online banks

Price list by order size € per order, excl. tax

Player	€500	€1,000	€5,000	€10,000	Notable feature
XTB	0	0	0	0	€0 up to €100,000 of monthly volume
Scalable Capital	0.99	0.99	0.99	0.99	€0 from €250 on PRIME+ (€4.99/month)
Trade Republic	1	1	1	1	Free recurring plans, including in a PEA
Revolut	1	1	1	1	€1 flat from 05/10/2026 above the quota
DEGIRO	2	2	2	2	€1 + €1 processing fee; no PEA
Bourse Direct	0.99	1.90	4.50	9.00	0.09% above €4,400
Fortuneo (Progress)	4.90	4.90	7.50	15.00	Starter: 0.35%, i.e. €35 for €10,000
Bourso (Découverte)	1.99	6.00	30.00	60.00	0.60% above €500; Trader plan cheaper

×60

price gap on a
€10,000 order (€1 vs €60)

€95

median ETF order (Q2 2026):
€1.99 accounts for 2% of it

0.40%

transaction tax (large
French caps), all brokers

2Margin shifts to ancillary fees and to custody

Trade Republic
€0 and FX terms; spreads seen as high
XTB
FX 0.5%; inactivity €10/month after one year with no transactions
DEGIRO
automatic FX 0.25%; €2.50/year per foreign market
Bourse Direct
€0 custody on Euronext; €6 per outgoing transfer
Fortuneo
free custody; inactivity capped at €30/year
BoursoBank
minimum order of €100 on equities, €200 on ETFs

3 · Offer, pricing and clients14 / 47

At €100k, managed portfolios cost €1,400 to €1,900 a year, 7 to 9 times an ETF in a PEA

Total annual cost of a €10k and a €100k portfolio, price lists as at 27/09/2026

Total annual cost by offer

NeobrokersOnline banksRobo-advisersPrivate banking and IFAscolour: family

At €100k, per yearat €100k, €/yearat €10k

What the model case shows

1€1,400 to €1,900 a year: six of the eight managed offers, from €1,400 (Linxea, Yomoni mandate; Ramify) to €1,850 (Goodvest, 1.75 to 1.95%); outside the range, Revolut at €950 and Mon Petit Placement at €2,320

27 to 9 times the €200 of a global ETF in a PEA at Trade Republic: delegating management costs €1,200 to €1,650 more per year

Key takeawaysFee scales barely taper: only Ramify falls from 1.6% to 1.4% above €100k; Yomoni, Nalo and Goodvest charge the same rate at €10k and at €100k.

Managed portfolios remain cheaper than the average unit-linked life insurance contract (2.48%), and than traditional mandates (contract fees of 1.17% on unit-linked funds, before fund fees)
RockFi (flat fees) and Finary One do not publish a price list: not comparable

The price of delegation does not fall as wealth rises: there is white space for flat-fee advice between robo-advisers and private banking.

* Estimate: TER not disclosed or fund costs estimated. Model-case assumptions (global ETF, 0.20% TER, five-year holding): Appendix A1.

3 · Offer, pricing and clients15 / 47

High, tightly clustered ratings; robo-advisers, backed by human advisers, all at 4.4 or above

Ratings and review volumes on Trustpilot, the App Store and Google Play, as at 27/09/2026

NeobrokersOnline banksRobo-advisersPrivate banking and IFAsAlternatives and cryptoOther

Family	Player	Trustpilot		App Store France		Google Play
Family	Player	Rating out of 5	Reviews	Rating out of 5	Ratings	Rating out of 5	Ratings
		median 4.6		median 4.7		median 4.4
Neobrokers	Revolut	4.7	465k	4.8	549k	4.8	4.1m
Neobrokers	Trade Republic	4.6	58k	4.8	59k	4.4	324k
Online banks	Linxea	4.7	1.8k	n/a		n/a
	BoursoBank	4.4	57k	4.9	475k	4.8	312k
	Fortuneo	3.6	18k	4.5	85k	4.4	66k
Robo-advisers	Yomoni	4.9	5.0k	4.7	523	4.7	394
	Goodvest	4.9	n/a	n/a		n/a
	Mon Petit Placement	4.6	n/a	4.5	711	n/a
	Nalo	4.4	152	n/a		n/a
Private banking and IFAs	Ramify	4.7	175	4.9	10	n/a
	Cashbee	4.3	157	4.2	656	3.7	566
	Finary	3.9	606	4.7	15k	4.0	6.3k
Alternatives and crypto	Coinhouse	4.6	3.0k	4.5	2.6k	4.3	1.5k
	Enerfip	4.3	988	n/a		n/a
	Bitstack	4.2	1.4k	4.8	11k	4.4	6.9k
Other	Epsor	4.7	280	4.2	69	4.1	68

How to read

High, tightly clustered ratings: a median of 4.6 on Trustpilot (standard deviation 0.34, 16 players), 4.7 on the App Store (0.23, 12) and 4.4 on Google Play (0.34, 10). The App Store is the most consistent and the most generous platform.

Gaps within families: from 3.6 to 4.7 among online banks, from 3.9 to 4.7 in private banking and IFAs. Robo-advisers, all of which pair their managed portfolios with a human adviser, stay between 4.4 and 4.9.

Low ratings stem from service: Fortuneo (3.6) is judged on turnaround times and access to a human, Finary (3.9) on sync bugs and fees.

Hypothesis, not proven

Satisfaction reflects service more than performance, which no official source publishes on a comparable basis (next page). It would track performance only for certain profiles: broker clients, who manage their own money, rather than those who delegate to a robo-adviser.

Caution: ratings depend on invitation campaigns (Deblock: from 2,800 to 8,265 Trustpilot reviews between June and September 2026). Goodvest and Mon Petit Placement: rating displayed by the player. Linxea and Nalo: no app. RockFi, Private Corner, Harvest and Wealthcome: no comparable public reviews. Standard deviation calculated across the rated players on each platform.

3 · Offer, pricing and clients16 / 47

In 2025, managed portfolios returned between -1% and +20% depending on player and profile

2025 performance net of fees, as published by the players or the press

2025 benchmarks by investment vehicle Performance for the year, in %

Hypothesis, not proven

Satisfaction would track performance only for certain profiles: broker clients, who manage their own money, rather than those who delegate to a robo-adviser and judge the service first. No official source publishes comparable performance by player.

Managed portfolios in 2025, cautious to aggressive Net of management fees

Online banksRobo-advisersPrivate banking and IFAs

2025 euro funds by player, net of fees:Mon Petit Placement 3.50% Plan BBforBank 3.26% Objectif ClimatLinxea 3.08% Nouvelle GénérationBoursoBank 3.00% Euro ExclusifCashbee 3.00% excluding bonusNalo 3.00% NetissimaHello bank! 2.75% CardifFortuneo 2.10% Rendement 2; up to 4.5% on Opportunités 2 depending on the unit-linked share

Sources: MoneyVox (S37, S38, S39, S40); Goodvest (S41); ACPR (MoneyVox) (S42); ASPIM (S43); France Assureurs (S17); Avenue des Investisseurs (S44); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

Performance net of management fees, before social levies; risk profiles and fees differ from one player to another, so figures are not directly comparable.

3 · Offer, pricing and clients17 / 47

Delays top the pain points, ahead of fees and access to a human

Recurring themes in reviews of rated B2C shortlist players, as at 27/09/2026

Themes cited by player 16 rated B2C players; + strength, – pain point; number of players on the right

Recurring theme in reviews	Neobrokers		Online banks			Robo-advisers				Private banking and IFAs			Alternatives and crypto			Other	No.
Recurring theme in reviews	Trade Rep.	Revolut	Bourso	Fortuneo	Linxea	Yomoni	Nalo	Goodvest	MPP	Ramify	Finary	Cashbee	Enerfip	Bitstack	Coinhouse	Epsor	No.
Strengths
App simplicity	+	+	+	+	+	+	+		+	+	+	+	+	+			13
Low or transparent fees	+	+	+	+		+	+	+		+		+					9
Advisers and education					+	+	+	+	+	+					+	+	8
Support responsiveness					+					+	+		+	+	+		6
Pain points
Delays in account opening, transfers or withdrawals			−	−	−	−	−			−		−	−	−		−	10
Fees or spreads seen as high or unclear	−	−						−	−		−				−	−	7
Hard to reach a human	−	−	−	−		−	1Delays: 10 players; fees or spreads: 7; access to a human: 6, of which 4 are neobrokers and online banks							−			6
Account or fund freezes	−	−	−	−											−		5
Bugs and sync issues					−						−	−		−	−		5

Themes cited repeatedly in Trustpilot and app store reviews (three strengths and three pain points recorded per player). Qualitative reading, not weighted by review volume.

3 · Offer, pricing and clients18 / 47

Teaser pricing and referrals: the primary acquisition lever for half the players

Acquisition levers and positioning of shortlist players; qualitative reading

Acquisition levers by player

NeobrokersOnline banksRobo-advisersPrivate banking and IFAsAlternatives and cryptoOther20 playersprimary leversecondary lever

PlayerBrand	Teaser pricingEntry price	ReferralWord of mouth	ContentsSEO	CommunityOwned media	NetworkHuman	PartnersB2B2C	SalesDirect B2B	Brand positioningPromise
Trade Republic								“Invest from €1”, retirement mission
Revolut								All-in-one super app, €120 per referral
BoursoBank								“Cheapest bank”; referral: almost half of new customers
Fortuneo								“Cheapest bank”, bonuses of up to €270
Linxea								“The widest choice at the lowest price”
Yomoni								Transparent pioneer; 43% of 2025 clients via referral
Nalo								“Project-based” management; bonuses of up to €1,000
Goodvest								Fossil-fuel-free savings, B Corp, investment school
Mon Petit Placement								Democratisation for first-time savers, €300 ticket
Ramify								“Digital alternative to private banking”
RockFi								“Modern family office”, senior private bankers
Finary								YouTube channel with 725,000 subscribers, freemium
Cashbee								Boosted savings account as the entry point
Private Corner								Access to top PE managers via 450 IFAs
Enerfip								Local impact: raises reserved for local residents
Bitstack								“Effortless” bitcoin, clients as shareholders
Coinhouse								Regulated crypto with human support
Epsor								Employer brand and CSR, transfers from incumbents
Harvest								Market standard among IFAs, Patrimonia trade fair
Wealthcome								Modern challenger from €50/month
Main lever	6	7	6	4	2	3	3
1Loss-leader pricing or referral: main lever for 10 of 20 players, including 4 of the 5 neobrokers and online banks								2Price or bonus promise: “from €1”, “the cheapest”

3 · Offer, pricing and clients19 / 47

B2B2C attracts asset managers and specialists; the longlist supplies as much as it distributes

Distribution and supply partnerships between players, 2024 to 2026

Who supplies whom Selection

NeobrokersOnline banksRobo-advisersAlternatives and cryptoOtherlonglist players, by family; established players in grey

Provider	Distributor	What is provided	Key figure
Yomoni	Linxea (Spirit 2)	Managed portfolios under mandate	0.70% a year; Linxea: €6.5bn AUM
Amundi	BoursoBank	Four managed-portfolio profiles for the PEA	1.20% a year, from €100
Bitpanda	Sumeria (formerly Lydia)	White-label investment offering	Lydia as tied agent; 2m clients (2024)
AXA Banque	Trade Republic	Livret A distributed in the app	Launched on 20/08/2026 at 1.7%
Apicil, Generali, Spirica, Suravenir	Robo-advisers and brokers	Life insurance and PER contracts	Apicil shared by Ramify, Caravel, Mon Petit Placement, Nalo
Private Corner	450 IFAs and private banks	Private equity feeder funds	≈€1.2bn raised, €120m in Q1 2026
Epsor (custody by SGSS)	2,500 companies	Digital employee savings	Over €3bn claimed
Harvest (MoneyPitch)	≈4,600 firms	Client portal, aggregation, software	Nearly one IFA in two (press)
Powens	Wealthcome, banks, fintechs	Account aggregation (PSD2)	300 clients, profitable
Lemonway	Crowdfunding platforms	Payment accounts and compliance	Used by Enerfip, among others
7 of 10: longlist	7 of 10: longlist
2Longlist players on both sides in equal measure: they supply 7 of the 10 partnerships and distribute 7

Why B2B2C is growing Rationale and examples

1B2B2C is attracting asset managers and specialists: Amundi pays €149m for a provider; three specialists pivot to B2B

€149m

price paid by Amundi for aixigo (2024): 20 institutional clients, ≈€1,000bn in assets, 60,000 adviser users

The rationaleThe provider avoids acquisition costs; the distributor enriches its offering without an additional licence.

Pivots to B2B: Advize (advice), Fundvisory (white-label robo-adviser), Ramify (white-label project, 2026)
Insurers are arming online brokers: Lucya exclusively distributes AXA's first online contract and is launching Lucya CNP (April 2026)
Risk: dependence on a single partner and shared margin; the provider's brand disappears

Software vendors for advisers: Appendix A4.

4 · Size, profitability and funding20 / 47

Trade Republic's AUM is 100 to 1,000 times that of most French specialists

AUM, clients, headcount and growth of shortlisted players, latest figures 2024-2026

FamilySegmentation	PlayerBrand	AUM€bn, log scale	Scope and dateof AUM	ClientsNumber	HeadcountEmployees	Recent growthLatest published figure
Neobrokers	Trade Republic	150.0	Europe, Dec 2025	10m (Europe); 1m+ in France	1,100	Assets of €100bn to €150bn in 2025
Neobrokers	Revolut	59.2	client balances, 2025	75m (worldwide); 8m in France	12,200	Revenue +46% in 2025
Online banks	BoursoBank	100.0	Jun 2026	9.1m	n/a	+22% clients in 2025
	Linxea	6.5	Mar 2026	200,000	120	Gross inflows +75% year on year
	Fortuneo	n/a	not disclosed	1.63m (incl. Keytrade)	n/a	+237,000 clients in 2025
		÷1,000÷100
Robo-advisers	Yomoni	2.1	end 2025	80,000 households	≈100	Gross inflows +50% in 2025
	Nalo	0.60	end 2025	22,000	20 to 49	≈+20% a year
	Mon Petit Placement	0.30	Sep 2026	31,000	≈50	AUM +50% in 21 months
	Goodvest	0.25	end 2025	19,000 contracts	≈30	AUM doubled in 2025
Private banking and IFAs	RockFi	1.3	2026, advised	1,500 families	100	Clients tripled in 15 months
	Ramify	0.65	estimate	≈10,000	25	Net inflows of €20m to €30m a month
	Cashbee	0.40	Jul 2024	12,000	≈15	Data not updated
	Finary	0.20	Finary One, early 2026	1m users	70	600,000 to 1m users in 10 months
Alternatives and crypto	Private Corner	1.2	Apr 2026, raised	4,750 investors	17	Net inflows tripled in ≈2 years
	Bitstack	0.30	2026, self-reported	300,000 users	30	Revenue +158% in 2025
	Enerfip	n/a	≈€900m funded since 2014	89,000 investors	50+	Net inflows > €180m in 2025
	Coinhouse	n/a	not disclosed	350,000 accounts	100	Profitable since 2020 (self-reported)
Other	Epsor	3.0	2026, self-reported	2,500 companies	100	AUM tripled since early 2025
	Harvest	n/a	not applicable (software vendor)	≈4,600 professional clients	600	France revenue +55% in three years
	Wealthcome	n/a	€80bn aggregated	800 organisations	65	Aggregated assets ×4 in 18 months

19 of the 11 quantified specialists sit between 1/1,000 and 1/100 of Trade Republic's AUM (shaded band); Epsor and Yomoni at 1/50 and 1/70

AUM as published by each player (managed, custodied or advised; not additive). Ramify: Cervino estimate, midpoint of €0.5bn to €0.8bn (Appendix A1).

4 · Size, profitability and funding21 / 47

Beyond brokerage, revenue comes from deposits, subscriptions and AUM

Revenue sources of shortlisted players; qualitative assessment

Revenue sources by player

20 playersmain sourcesecondary sourceshaded columns: the three revenue destinations

FamilySegmentation	PlayerBrand	Key factLatest published figure
Neobrokers	Trade Republic	Pays interest on cash at 2 to 3%: margin tied to the ECB deposit rate
Neobrokers	Revolut	“Wealth” revenue: $876m in 2025 (+31%); subscriptions from €3.99 to €60/month
Online banks	BoursoBank	Main bank for 52% of clients; BoursoFirst at €29/month
	Fortuneo	Bonuses and boosted savings account funded by the banking margin
	Linxea	Share of AUM-based fees passed back by insurers
Robo-advisers	Yomoni	Mandate at 0.70%; also manages the Linxea Spirit 2 mandate
	Nalo	Mandate at 0.90% on unit-linked funds
	Goodvest	1% a year, no retrocessions
	Mon Petit Placement	Performance fee on gains above the previous high-water mark
Private banking and IFAs	Ramify	1.4%, 1.2% or 1.0% all-in depending on wealth
	Cashbee	Life insurance and mandate fees; structured products
	RockFi	Fee-only since January 2026; exceptions for PE and structured products
	Finary	Subscriptions from €54.99 to €349.99/year; crypto from 0.99% to 1.49%
Alternatives and crypto	Bitstack	Purchase fees from 0.49% to 1.49%; recurring revenue 63% (early 2026)
	Coinhouse	Purchases at 0.99%; subscription at €118.80/year, private management at €798/year
	Private Corner	Feeder fund fees (not disclosed)
	Enerfip	Commission paid by project owners; €0 for the investor
Other	Epsor	Employer flat fee of €8 to €15 per employee per year
	Harvest	SaaS licences per module and per user
	Wealthcome	€50 to €150/month for 50 clients, €69/month per seat

1Deposit margin: main source for Trade Republic, Revolut, BoursoBank and Fortuneo

2Subscription: added on top of brokerage; 63% recurring revenue at Bitstack

3AUM: main source for 6 specialists, from 0.70% to 1.4% a year

4 · Size, profitability and funding22 / 47

Profitability comes from scale, the issuer or B2B, rarely from B2C management

Revenue, net income and margin for the latest published financial year, by model

Accounts for the latest published financial year Statutory accounts or annual reports; Revolut at the ECB rate of 25/09/2026

Businessmodel	PlayerBrand	Financial yearYear	Revenue€m	Net income€m	Net margin% of revenue	CommentContext
Very large-scale distribution 1margins of 2% to 28%; €1.5bn net income for Revolut	Revolut	2025	5,262.0	1,491.0	28%
	BoursoBank	2025	524.6	97.4	19%	€176m in H1 2026
	Trade Republic	2023-24	340.0	34.8	10%	profitable three years running
	Fortuneo (Arkéa)	2025	302.0	5.6	2%	margin sacrificed for volume
Paid by the issuer 2margins of 26% and 33%; Private Corner profitable	La Première Brique	2024	6.5	2.1	33%
	Enerfip	2025	7.6	2.0	26%
	Private Corner	2025	n/a	1.9	profitable, revenue not disclosed	revenue not disclosed
B2C management and brokerage specialists 6 of 8 loss-making	WeSave (Amundi)	2025	7.7	0.6	8%
	Linxea	2022	12.8	0.5	4%	2022 accounts
	Yomoni	2024	12.4	-3.6	-29%	profitable since late 2025
	Nalo	2025	4.5	-1.8	-41%
	Altaprofits (Generali)	2024	11.6	-8.6	-74%
	Mon Petit Placement	2025	n/a	-3.0	loss-making, revenue not disclosed
	Ramify	2024	n/a	-1.7	loss-making, revenue not disclosed
	Cashbee	2025	n/a	-2.2	loss-making, revenue not disclosed
Crypto	Deblock	2025	n/a	2.1	profitable, revenue not disclosed
Crypto	Bitstack	2025	6.3	-4.8	-76%	Revenue +158%
B2B infrastructure 3margins of 4% and 18%	Harvest France	2024	60.8	11.0	18%	≈€120m group revenue claimed
B2B infrastructure 3margins of 4% and 18%	Powens	2025	11.3	0.4	4%	profitable since late 2024

Below €1bn of published AUM, managed-portfolio specialists lose money; issuer-paid models turn a profit from €6m of revenue.

4 · Size, profitability and funding23 / 47

Revolut and Trade Republic have raised almost eight times as much as the French shortlist

Equity raised, latest round and known valuation, ECB rate of 25/09/2026

Funding by player

Pan-European players: €4.4bn raised Six neobrokers and Moonfare

PlayerBrand	Raised€m	Latest roundType, date	Valuation€bn or $bn
Revolut	1,500	Secondary, 07/2026	$115bn
Trade Republic	1,000	Secondary, 12/2025	€12.5bn
eToro	633	Nasdaq, 05/2025	≈$4.2bn
Scalable Capital	470	Series E, 06/2025	n/d
Bitpanda	422	Series C, 08/2021	n/d
Sumeria (formerly Lydia)	235	Series C, 12/2021	n/d
Moonfare	170	Series C (ext.), 02/2023	n/d

French specialists: €321m raised Thirteen players

PlayerBrand	Raised€m	Latest roundType, date	Valuation€bn or $bn
Yomoni	38.7	Series B, 2022	n/d
Goodvest	24.0	Series B, 09/2025	n/d
Mon Petit Placement	10.5	Malakoff Humanis, 05/2025	n/d
Nalo	6.0	Apicil, 04/2023	n/d
Finary	38.0	Series B, 09/2025	n/d
RockFi	22.0	Series A, 03/2025	n/d
Ramify	14.5	Series A, 06/2024	n/d
Cashbee	14.1	Series A, 07/2024	n/d
Coinhouse	55.0	€40m round, 06/2023	n/d
Bitstack	23.8	Series A, 12/2025	n/d
Enerfip	1.2	Founders, 2024	n/d
Epsor	50.0	Series C, 03/2025	n/d
Wealthcome	23.0	Series B, 09/2026	n/d

Funded by

International venture capital: Founders Fund, Sequoia, Accel (Trade Republic); Coatue, a16z, NVentures (Revolut).

French venture capital (Partech, Serena, Breega, XAnge), mutual insurers (AG2R, Apicil, Malakoff Humanis), banks (Arkéa, 115K).

Key takeaways

1Capital for conquest: two players account for €2.5bn of the €4.4bn, at valuations of $115bn and €12.5bn.

Extended seed capital: no round above €55m, a median of €23m, no published valuation.

In total

Revolut and Trade Republic€2.5bn

French shortlist, 13 players€321m

×7.8

2A 7.8-fold gap: French players will not win through paid acquisition, but through referrals and B2B2C.

n/d: not disclosed. Excluded from the table: BoursoBank, Fortuneo, Linxea, Harvest, Private Corner (subsidiaries, LBOs or undisclosed capital).

4 · Size, profitability and funding24 / 47

Insurers, banks and LBO funds finance most French players

Funding rounds and takeovers of French players, by investor type, 2015-2026

Venture capital or business angelsCrowdfundingWith an insurer, mutual insurer or bankAcquisition by a groupLBO fund or family officeAmounts in €m

Online banksRobo-advisersPrivate banking and IFAsAlternatives and cryptoOtherstripe: player's family

Player	2015	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	Investors in the latest round
Observed hand-over
Nalo			2		4			Apicil				Groupe Apicil (majority)
Goodvest							2	10		12		Serena, Ring Capital, AG2R La Mondiale
Mon Petit Placement				4				6.5		Malakoff		Malakoff Humanis (65%), La France Mutualiste (20%)
Bitstack									5	12.9	3.9	13books, AG2R La Mondiale, Y Combinator; 8,000 retail investors
Insurer, bank or LBO at every round
Yomoni		5			8.7		25					Amboise, Crédit Mutuel Arkéa, Weber
Ramify							3.5		11			13books, Fidelity, AG2R La Mondiale, CA Brie Picardie
Cashbee							5.5		7.5			MIF, 115K (La Banque Postale)
Coinhouse								40				Oddo BHF, XAnge Siparex, ConsenSys
Linxea	MBO							IK 20%				IK Partners
Harvest				LBO					LBO			TA Associates, Montagu
Private Corner								Armen				Armen, exited in 2026 (founders)
Venture capital only to date
RockFi									3	18		Partech, Varsity
Finary							8			25		PayPal Ventures, LocalGlobe, Y Combinator
Epsor						20				16		FST (ISALT), Revaia, Blackfin
Wealthcome										7	15	Breega, BlackFin

At 4 players, an insurer or mutual insurer took over from venture capital (2023-2025); 7 others have been funded this way from the outset, 3 of them under LBO.

4 · Size, profitability and funding25 / 47

Fewer, larger rounds, and closures: French fintech is consolidating

Funding rounds, M&A and business closures among French fintechs, 2024 to H1 2026

Capital is contracting and concentrating Key figures, French fintech

≈€1.1bn

raised by French fintechs in 2025 (73 rounds), versus ≈€1.3bn in 2024 (101 rounds)

rounds in H1 2026 versus 48 a year earlier; average ticket of €45m (€17m)

€1.25bn

in H1 2026, 74% of it in three rounds (Alan, Pennylane, Morpho); wealthtech is not mentioned

24%

of 2025 amounts went to investment, the leading segment of French fintech

1Fewer, larger rounds: 101 then 73 rounds (2024, 2025), 48 then 28 in H1; 74% of H1 2026 in three rounds

Fewer acquisitions, more closures French fintech

2Closures rise from 7 to 20: consolidation is happening through exits; acquisitions fall from 32 to 16

Acquisitions Nalo by Apicil (2023); 65% of Mon Petit Placement by Malakoff Humanis (2025); Upsideo by FASST (2025); Linxo by Crédit Agricole (2025)

Exits Birdee (BNP Paribas AM) closed in June 2025; WiSEED sold to Advenis in receivership (Dec 2025); October taken over by Aether (Apr 2026)

Intentions 35% of French fintechs expect a sale; backing from a large group is the preferred route (2026)

Main rounds Scope, 2025-2026

NeobrokersRobo-advisersPrivate banking and IFAsAlternatives and cryptoOthershaded: outside France

Revolut	secondaries at $75bn (Nov 2025) then $115bn	Jul 2026
Trade Republic	secondary sale of €1.2bn (valuation €12.5bn)	Dec 2025
Scalable Capital	€155m Series E	Jun 2025
Deblock	$35m Series A (≈€30m)	Nov 2025
Finary	€25m Series B (PayPal Ventures)	Sep 2025
RockFi	€18m Series A (Partech)	Mar 2025
Epsor	€16m Series C (FST, Revaia, Blackfin)	Mar 2025
Wealthcome	€15m Series B (Breega, BlackFin)	Sep 2026
Bitstack	$15m Series A (13books, AG2R)	Dec 2025
Goodvest	≈€12m Series B (Serena, AG2R)	Sep 2025

Sources: Observatoire de la Fintech (S13); KPMG (S14); mind Fintech (S47); Maddyness (S31, S32); Trade Republic (S11); Club Patrimoine (S33); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

5 · Dynamics and white space26 / 47

Consolidation, pricing, advice and B2B2C all push in the same direction: scale

Four dynamics, the facts behind them and the question they leave open

Dynamic

What we observe

Effect on scale

Consolidation

High intensity

42fintech M&A deals in 2025

Exits: 20 business closures in H1 2026; Birdee shut down, WiSEED and Tudigo in receivership, StackinSat without authorisation
Insurers as acquirers: Apicil (Nalo), Malakoff Humanis (Mon Petit Placement), Generali (Altaprofits)
Funds: TA Associates and Montagu (Harvest), PSG Equity (Powens), IK Partners (Linxea)
MiCA leaves 31 authorised crypto providers in France

Fewer players, backed by larger groups

Backing or independence: who keeps the client relationship?

Pressure on fees

Medium intensity

€1per order at Trade Republic and Revolut

BoursoBank: €60 for the same €10,000 order; profile-based PEA management at 1.20% a year, profiles designed by Amundi
At €100k: ≈€200 a year for an ETF in a PEA, €1,400 to €1,900 in managed portfolios
Average unit-linked fees in life insurance: 2.48%; fund fees: -2 bp only, year on year
RIS: 'value for money' test, application expected around 2029

At €1 per order, only volume pays

How fast will the pressure move from flow to stock?

From execution to advice

Medium intensity

+9.3%more CIFs in 2025, reaching 7,712

PSI tied agents: +10.9%; BoursoFirst from 1.3 to €2.1bn in six months; RockFi €1.3bn advised
Yomoni: 40 people in client-facing roles, 20,000 meetings in 2025
Tiers: dedicated adviser from €100k at Ramify, Finary One raised to €1m
Counterpoint: 44% of investors decide alone (+3 pts)

Human advice requires a team

Human or automated advice: what cost per client below €100k?

Rise of B2B2C

Medium intensity

25%of 2025 fintech funding went to B2B services

Yomoni manages Linxea's mandate; Amundi, BoursoBank's PEA profiles
AXA Banque provides Trade Republic's Livret A; Bitpanda, Sumeria's offering
Private Corner: 450 IFAs; Wealthcome: aggregated assets ×4 in 18 months
Amundi pays €149m for aixigo (60,000 advisers using it)

One provider equips several networks

Supply or distribute: where to keep the brand?

Scale

or backing

1No dynamic favours the stand-alone mid-sized player

Sources: Observatoire de la Fintech (S13); KPMG (S14); AMF (S30, S18); France Assureurs (S17); Council of the EU (S48); European Parliament (S49); ORIAS (S15); BoursoBank (S9); Club Patrimoine (S33); Amundi (S45); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

5 · Dynamics and white space27 / 47

The middle struggles to profit: scale and infrastructure pay, advice is unproven

The scale threshold, then the four routes to profitability, their evidence and what they imply

The unbacked middle is loss-making (net income)

-€4.8m Bitstack-€2.2m Cashbee-€1.7m Ramify

≈€2bn

Answer: a scale threshold. B2C managed portfolios only turn profitable above ≈€2bn of AUM: Yomoni has been since end-2025 at €2.1bn, Nalo loses €1.8m to €0.6bn. Four routes to clear it or bypass it:

Route to profitability

Evidence

What it implies

Backing

8%net margin for WeSave, backed by Amundi

Nalo backed by Apicil, Mon Petit Placement by Malakoff Humanis
With backing, Nalo targets €800m to €900m, set by Apicil: less than half an independent's threshold

Secure backing from an insurer or asset manager that funds growth

Very large scale

19%net margin at BoursoBank in 2025

Brokerage at €1 per order; median ETF order of €95 in Q2 2026
Trade Republic pays interest on cash at 2 to 3%; Revolut sells subscriptions at €3.99 to €60 a month
Revolut: $876m in Wealth revenue in 2025

Play the flow game only at very large scale, living off deposits and subscriptions

Advice

n/dmargin not disclosed: route yet to be confirmed (RockFi advises €1.3bn)

French pure players manage ≈0.5% of financial savings: the stock stays with the networks
Financial investment advisers: +9.3% in 2025
86% of advised savers rate value for money as good

Tool up human advice to keep or win the stock

Infrastructure

18%net margin at Harvest France

Harvest equips ≈4,600 firms, nearly one IFA in two
Powens profitable since end-2024, 300 clients
Amundi pays €149m for aixigo (2024)

Equip distributors rather than compete with them

Sources: AMF (S29, S18); Revolut (S10); Trade Republic (S7); BoursoBank (S9); Yomoni (S12); Le Monde (S46); ORIAS (S15); Trustpilot, App Store, Google Play (S36); Amundi (S45); Banque de France (S2); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

5 · Dynamics and white space28 / 47

The white space lies between robo-advisers and private banking, and on the corporate side

Density of the digital offer by client segment and by need

Density of the digital offer by segment and by need

Client segmentWealth or status	ExecutionLow cost	WrapperTax	AllocationManaged	AdviceHuman	UnlistedPrivate equity	RetirementWealth transfer
Individuals, by wealth
First-time savers (< €10k)	dense	present	present	scarce	scarce	5
Mass affluent (€10k to €100k)	dense	dense	Robo	scarce	4	present
Wealth of €100k to €500k	present	dense	present	1	scarce	scarce
HNWI (> €1m)	present	dense	present	Private banking	dense	dense
Corporates: business owners and employees
Self-employed and micro-business owners	scarce	scarce	scarce	scarce	scarce	2
SME employees	not applicable	3	scarce	scarce	scarce	scarce

Six white spaces

Between robo-advisers and private banking

Fixed-fee advice between €100k and €500k

Managed portfolios with no fee tapering (1.4 to 1.9%); Finary One raised to €1m; RockFi from €250k

On the corporate side

Retirement for the self-employed and business owners

Individual PERs: €88.5bn; dedicated digital offers are rare (Caravel: €22m)

SME employee savings

€229bn, 13.2m savers; Epsor the only independent fintech in the top 10

Other white spaces

Unlisted assets in wrappers for the mass affluent

Green Industry Act quotas; Private Corner reserved for IFAs (€20k to €100k)

Children's savings and wealth transfer

PEAC distributed by only three players, with no AUM disclosed

AI and compliance tools for IFAs

7,712 CIFs (+9.3%); RIS cost requirements; Harvest cyberattack

The needs most able to pay and least well served are advice for mid-sized wealth, retirement for the self-employed and SME savings.

Sources: DG Trésor (S23); AFG (S22); Investir (S50); Groupama (S51); ORIAS (S15); Council of the EU (S48); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

Offer density: qualitative reading of the 61 players on the longlist. Red box: white spaces named in the title; dotted: other white spaces; Robo and Private banking: dense zones framing space 1. Space 6 concerns advisers (B2B), outside the grid.

5 · Dynamics and white space29 / 47

The issuer model and B2B infrastructure are open; distribution demands scale

Five business models, ranked by proven profitability and by the threshold to clear

Five business models Proven profitability and accessibility

Revenue and proof of profitability What earns money, acquisition and published results

1Issuer model

Commissions from project sponsors or fund fees; referrers: 450 partner IFAs at Private Corner

Net margins of 13 to 33% (2024-2025)

1B2B infrastructure

Recurring SaaS licences; integrations with insurers

Harvest France: 18% net margin; Powens profitable

2Mass distribution

Deposit margin, brokerage, subscriptions; referrals: nearly half of new clients at BoursoBank

BoursoBank: €176m in H1 2026; Trade Republic profitable three years running

Hybrid management

Fees on AUM of 0.7 to 1.4%; word of mouth (43% at Yomoni)

Yomoni profitable at end-2025; Nalo loses €1.8m at €0.6bn

Augmented advice

Fixed fees, subscription; existing user base (1m users at Finary)

RockFi: €1.3bn advised in three years; profitability not disclosed

Common to all five: recurring revenue and a client who is cheap to acquire, never paid acquisition of small savers.

Sources: BoursoBank (S9); Trade Republic (S11); Yomoni (S12); Le Monde (S46); site-crowdfunding.com (S52); Club Patrimoine (S33); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

Qualitative reading: profitability based on published results, accessibility based on the observed threshold (clients, AUM or revenue).

5 · Dynamics and white space30 / 47

Each model has its breaking point; only two have a quantified break-even threshold

What it takes, the main risk and a struggling player in the model

Model and key figure

What it takes

Main risk

Struggling player

Issuer model

≈€6mof revenue to break even

Project selection and low default rates
Referrers: 450 partner IFAs (Private Corner)

Property cycle: default rates of 19 to 31% at some players

WiSEED and Tudigo in receivership; WiSEED sold to Advenis

B2B infrastructure

≈4,600installed clients: Harvest's size, not a threshold

Integrations with insurers
AI and data security

Cyberattack, cheaper challengers

Lemonway: -€2.9m in 2025

Mass distribution

≈9mclients: BoursoBank's size, not a threshold

Banking licence
Referrals: nearly half of new clients at BoursoBank

ECB rate cuts

BforBank: -€155m in 2025 despite Crédit Agricole's backing

Hybrid management

≈€2bnof AUM to break even (Yomoni)

Average ticket > €10k (€12,000 at Yomoni)
Word of mouth (43% at Yomoni)

RIS cost test

Altaprofits: -€8.6m on €3bn of AUM

Augmented advice

€1.3bnadvised by RockFi, no threshold disclosed

Recruiting senior advisers
Clients > €250k; existing user base (Finary: 1m users)

Portability of advisers' client books

Cleerly, Colbr: small scale, no significant funding round

1Two quantified thresholds: ≈€6m of revenue for the issuer model, ≈€2bn of AUM for hybrid management; elsewhere, a leader's size or no published threshold

Sources: Le Monde (S46); Yomoni (S12); BoursoBank (S9); site-crowdfunding.com (S52); Club Patrimoine (S33); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

5 · Dynamics and white space31 / 47

Counterpoint: the networks keep the stock and fee pressure remains slow

Four theses from the benchmark, what qualifies them, the facts and the consequence

Four theses tested against the facts Graded verdict, from refuted to confirmed; first, the two theses the title contradicts

«The networks are being outpaced

1The flow is shifting, the stock stays with the networks

Trade Republic: 400,000 PEAs, i.e. ≈5% of the 7.3m PEAs
10% of French people are exclusive clients of a digital bank, no more
The groups strike back: BoursoBank at 9.1m clients, EKO launched in May 2026

→The stock remains contestable; the groups have the weapon of mass

«Fees are falling

2Slowly, and mostly on the flow

Unit-linked fund fees: 1.60%, -2 bp only, year on year
Contract fees stable at 0.88%
The RIS does not ban inducements

→Insurers' margins are eroding gradually

«Human advice is making a comeback

Half of savers decide alone

44% decide without advice, +3 pts in a year
9% of under-35s get their information from influencers, 14% via AI
86% of advised savers rate value for money as good

→Autonomy and delegation coexist: two markets

«The neobroker model is established

Its margin stays thin outside very large scale

Trade Republic: 10% net margin (2023-2024)
Revolut: 28% net margin, on €5.3bn of revenue
Fortuneo: 2%, a margin sacrificed to volume

→Diversification into subscriptions and AUM drives the margin

Indicators to watch to confirm or refute this reading

Neobrokers' share
among new investors; AMF, half-yearly (55% in H1 2026)
ECB deposit rate
deposit margin of neobrokers and online banks
RIS vote
European Parliament plenary on 11/11/2026, then transposition
Unit-linked and PER net inflows
France Assureurs, monthly; 39% of unit-linked in H1 2026
AUM per client
at neobrokers: PEA, Livret A, life insurance to come

Sources: Trade Republic (S7); Banque de France (S16); France FinTech (S53); France Assureurs (S17); Council of the EU (S48); AMF (S18); BoursoBank (S9); Revolut (S10); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

6 · Implications32 / 47

Established players: the challenge is to capture young flow without cannibalising the stock

Tension revealed, options on the table and decision criterion; no recommendation

Young flow: to capture

Stock: not to cannibalise

Retail banks and bancassurers

BoursoBank, Fortuneo, EKO (Crédit Agricole)

Insurers and mutuals

Apicil, Malakoff Humanis, AG2R, Generali

Asset managers

Amundi and asset management companies

What is under strain

benchmark finding

The young flow goes through foreign apps; the stock stays in branches

The shift to digital distribution is bypassing them; the RIS cost test is coming

TheETF is capturing the flow (1.1m investors); the active fund is retreating in unit-linked

Options on the table

can be combined, non-exhaustive list

Separate low-cost digital brandPEA and regular investment plans at €1Digital wealth-management offer (BoursoFirst-style)Acquisition of or partnership with a specialist…

Stakes in distributors (Apicil, Malakoff Humanis, AG2R)White-label contracts for robo-advisers and neobrokersLow-cost index unit-linked funds…

Profile-based management supplied to distributors (Amundi for BoursoBank)Own ETF rangeTechnology acquisition (aixigo)…

Decision criterion

the trade-off to assess

Value of a 25-year-old client, against acquisition cost and cannibalisation of net banking income

Access to flow, versus dilution of the unit-linked margin

ETF market share, versus erosion of active management fees

Deadlines and stated targets that frame the choices

Retail Investment Strategy
vote on 11/11/2026; application expected around 2029
BoursoBank
14m clients targeted by end-2029 (9.1m in June 2026)
Fortuneo
2.8m active clients targeted in 2030 (with Keytrade)
Revolut
Western Europe headquarters in Paris in 2027; ≈10m French clients targeted
Crédit Agricole
EKO, an online offer that is free, launched in May 2026

Sources: AMF (S28, S29); Council of the EU (S48); Maddyness (S31); Amundi (S45); BoursoBank (S9); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

6 · Implications33 / 47

Scaling up: in total AUM for specialists, per client for neobrokers, in installed base for B2B

Tension revealed, options on the table and decision criterion; no recommendation

NeobrokersRobo-advisersOther

Wealth-management and advice fintechs

Yomoni, Nalo, Goodvest, Ramify, RockFi

1Scale: total AUM

Neobrokers and neobanks

Trade Republic, Revolut

2Scale: AUM per client

Software vendors and B2B infrastructure

Harvest, Wealthcome, Powens

3Scale: installed base

What is under strain

benchmark finding

Critical mass ≈€2bn, scarce venture capital

Strong flows, low AUM per client (median ETF order: €95)

Consolidation of IFA software; AI and cybersecurity raise the cost of entry

Options on the table

can be combined, non-exhaustive list

Moving upmarket: wealth tiers, human adviceBacking from an insurer or a bankB2B2C pivot: white labelPeer consolidation…

French wrappers: life insurance, PERRegulated savings (Livret A)Automated advice…

European build-upAI-native (KYC, meeting notes)RIS compliance modules…

Decision criterion

the trade-off to assess

Time to reach critical mass, against available cash

Revenue excluding interest margin earned, against cost of a broader offering

Size of installed base, against cost of integration and security

Investor takeaway: proven profitability comes from very large scale, the issuer model andB2B infrastructure; screening criteria: proven profitability and customer acquisition cost.

Targets announced by the specialists

Yomoni
€5bn AUM targeted in 2028 (€2.1bn at end-2025)
Goodvest
€1bn AUM targeted by end-2027 (€250m at end-2025)
Epsor
AUM tripled by 2027; M&A under consideration
Finary
over €5bn AUM targeted by 2028
Nalo
critical mass of €800m to €900m set by Apicil (€600m at end-2025)

Sources: Le Monde (S46); Yomoni (S12); AMF (S29); ORIAS (S15); Council of the EU (S48); Club Patrimoine (S33); player websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

Appendices34 / 47

Appendices

Code	Appendix	Pages	What it provides
A1	Scope and methodology	35 to 36	Method: scope, selection filters, flagged estimates and glossary.
A2	Longlist and selection	37 to 41	Reference: the 61 players, the shortlist and the excluded profiles with the reason for exclusion.
A3	Consolidation	42	Data: timeline of acquisitions, equity stakes and market exits, 2019-2026.
A4	Specialist segments	43 to 45	Data: software vendors for advisers, crowdfunding, crypto after MiCA.
A5	Sources	46 to 47	Sources: 44 references grouped into five families, with the pages that cite them; URLs on request.

Further reading: A2 (61 players); the rest is reference material.

Appendix A1 · Scope and methodology35 / 47

The scope covers the whole value chain, from order execution to adviser software

Players that invest or manage savings in France, active as at 27/09/2026

From census to shortlist

88player profiles collected

Scoping lists supplemented by research: ten segments, French and pan-European players active in France

61players on the longlist

At least one criterion: funding round (seed and beyond), visibility in an ecosystem (France FinTech, French Tech, Station F, Dealroom) or in the specialist press, or significant market share in France

20players on the shortlist

The players that set the standard in their segment: size, recent momentum, distinctive model; at least one per segment

Excluded profiles: duplicates across batches, product lines and integrated brands (Moneypitch and Quantalys at Harvest), untraceable players (Mstreet, Aliath), market exits (ING France, Birdee, Marie Quantier, StackinSat) or below threshold. Reasoned list in the appendix.

Three classification axes

Axis A · Segment

Ten segments, from order execution (neobrokers, online banks) to adviser software (B2B infrastructure)

Axis B · Regulatory model

Main licence verified on the AMF, ORIAS and REGAFI registers or, failing that, in the legal notices

Axis C · Target client

B2C mass market, mass affluent or HNWI; B2B2C (distribution through partners); B2B (IFAs, banks, corporates)

Six benchmark axes

Productwrappers, investment universe, management style, human advice, minimum ticket

Pricebrokerage, management and wrapper fees, sample cases at €10k and €100k

Customer reviewsTrustpilot, App Store, Google Play: rating, volume, themes

SizeAUM, clients, revenue and profit (Pappers), headcount

Funding roundsamounts, latest round, valuation, investors

Go-to-marketacquisition levers, B2B2C, positioning

Coverage by segment Longlist · shortlist

Neobroker

9 · 2

Online bank or broker

11 · 3

Robo-adviser

5 · 4

Digital private banking

4 · 2

Aggregator

3 · 1

Cash savings

2 · 1

Alternatives

12 · 2

Employee savings

3 · 1

Crypto

6 · 2

B2B infrastructure

6 · 2

Any data not disclosed by the player is flagged as an estimate, with its method (appendix).

Appendix A1 · Scope and methodology36 / 47

Method, flagged estimates and glossary

Numerical estimates

Data point	Value	Method
AUM of French pure players	≈€36bn (≈0.5% of financial wealth)	Sum of AUM reported by 23 French platforms in the longlist, relative to €6,590bn at end-2025
Ramify AUM	€0.5bn to €0.8bn (0.65 used)	Reported net inflows of €20m to €30m per month (May 2026), gradual ramp-up since mid-2024, plus prior stock
Fortuneo clients in France	≈1.1m to 1.3m	1.63m (Fortuneo and Keytrade) less 0.35m to 0.5m Keytrade clients
Harvest valuation	≈€500m	Press figure, not confirmed by the acquirers

Reading conventions

Sample cost case: as % of AUM per year: global ETF, 0.20% TER, five-year holding, amortised brokerage; total published cost used where available

Qualitative reading: map positions and matrices (product, revenue, go-to-market, review themes, offer density): Cervino's reading of offers, press releases and reviews

Currencies: ECB rates of 25/09/2026: €1 = $1.1403 = £0.86045 = PLN 4.3718

Data collected on 27/09/2026: player websites and legal notices, AMF registers (GECO, PSFP and CASP white lists), ORIAS, REGAFI (via extraction where the site refused access), Pappers and the French company directory, specialist press, Trustpilot and app stores. Eighteen structural facts re-verified against primary sources: seventeen confirmed, one corrected (Revolut: 8m clients in France).

Glossary

Life ins.: life insurance

PER: retirement savings plan

PEA: equity savings plan

CTO: ordinary securities account

UC: unit-linked fund

ETF, TER: exchange-traded index fund; annual ongoing charges

SGP: portfolio management company (AMF)

CIF: financial investment adviser (ORIAS)

COA, IAS: insurance broker; insurance intermediary

PSI: investment services provider

PSFP: crowdfunding service provider (ECSP)

PSAN, CASP: digital asset service provider; MiCA-authorised provider (PSCA)

EP, EME: payment institution; electronic money institution

RIS: EU retail investment strategy

CGP: independent financial adviser (IFA)

HNWI: high-net-worth individual, financial wealth > €1m

B2B2C: distribution through a partner

PNB, RN: net banking income; net income

TTF: financial transaction tax

Appendix A2 · Longlist and selection37 / 47

Longlist (1/3): neobrokers and online banks account for the bulk of capital

Segment, licence, target and amounts raised (€m, ECB rates of 25/09/2026)

Player profiles SL: shortlisted; raised: total of public rounds

PlayerBrand	FoundedYear	CountryHeadquarters	Businessmodel	Verified licenceRegister	TargetClient base	Raised€m	Latest round or transactionType, date
Pan-European neobanks and brokers
Revolut SL	2015	UK / LT	Bank	Bank licensed in France (CIB 17988, Aug 2026)	B2C mass market	1,500	Secondary, Jul 2026 (valuation $115bn)
Trade Republic SL	2015	DE	Bank	German credit institution, French branch (CIB 31233)	B2C mass market	1,000	Secondary €1.2bn, Dec 2025 (€12.5bn)
Scalable Capital	2014	DE	Bank	German credit institution, freedom to provide services	B2C mass market	470	Series E €155m, Jun 2025
eToro	2007	IL / CY	Broker / PSI	CySEC investment firm, freedom to provide services	B2C mass market	633	Nasdaq IPO, May 2025 (≈$4.2bn)
DEGIRO	2008	NL / DE	Bank	flatexDEGIRO Bank SE, freedom to provide services	B2C mass affluent	listed	Listed group (flatexDEGIRO)
Bitpanda	2014	AT	PSAN / CASP	MiCA CASP (BaFin), freedom to provide services	B2C mass market	422	Series C $263m, Aug 2021
XTB	2002	PL	Broker / PSI	KNF investment firm, French branch	B2C mass market	listed	Listed in Warsaw since 2016
Trading 212	2004	UK / BG	Broker / PSI	CySEC investment firm, freedom to provide services	B2C mass market	0	Self-funded, no external funding
Sumeria (formerly Lydia)	2011	FR	Distributor (white label)	Licensed EME (CIB 17598), tied agent of Bitpanda	B2C mass market	235	Series C ≈$100m, Dec 2021
Online banks, brokers and traditional brokerages
BoursoBank SL	2006	FR	Bank	Credit institution, subsidiary of Société Générale	B2C mass market	subsidiary	Wholly owned subsidiary of Société Générale
Fortuneo SL	2000	FR	Bank	Arkéa Direct Bank, Crédit Mutuel Arkéa group	B2C mass market	subsidiary	Subsidiary of Crédit Mutuel Arkéa
BforBank	2009	FR	Bank	Credit institution (CIB 16218), Crédit Agricole	B2C mass market	subsidiary	€170m recapitalisation in H1 2026
Hello bank!	2013	FR	Bank	Brand of BNP Paribas SA	B2C mass market	subsidiary	Brand of BNP Paribas
Bourse Direct	1996	FR	Broker / PSI	ACPR-licensed PSI, listed (Euronext, BSD)	B2C mass affluent	listed	Listed, controlled by Viel & Cie
Saxo	1992	DK	Bank	Danish bank, French branch	B2C mass affluent	subsidiary	71% acquired by J. Safra Sarasin, Mar 2026
Linxea SL	2001	FR	Life insurance broker (COA)	COA + CIF (ORIAS 07031073)	B2C mass affluent	n/a	IK Partners takes a 20% stake, May 2023 (EV ≈€130m)
Lucya (formerly Assurancevie.com)	2001	FR	Life insurance broker (COA)	COA + CIF (ORIAS 07004394)	B2C mass affluent	n/a	No external round (family-owned)
Altaprofits	1999	FR	Life insurance broker (COA)	COA + CIF (ORIAS 11063754), Generali	B2C mass affluent	subsidiary	Acquired by Generali France, Jan 2020
Meilleurtaux Placement	2007	FR	Life insurance broker (COA)	COA + CIF (ORIAS 07031613)	B2C mass affluent	subsidiary	Group LBO (Goldman Sachs fund), 2017
Placement-direct	1999	FR	Life insurance broker (COA)	COA + CIF (ORIAS 07004910), Swiss Life	B2C mass affluent	subsidiary	Acquired by Swiss Life, 2008

Appendix A2 · Longlist and selection38 / 47

Longlist (2/3): managed portfolios and digital advice, often backed by an insurer

Segment, licence, target and amounts raised (€m, ECB rates of 25/09/2026)

Player profiles SL: shortlisted; raised: total of public rounds

PlayerBrand	FoundedYear	CountryHeadquarters	Businessmodel	Verified licenceRegister	TargetClient base	Raised€m	Latest round or transactionType, date
Robo-advisers and managed portfolios
Yomoni SL	2015	FR	SGP	SGP (GP-15000014) + COA	B2C mass affluent	38.7	Series B €25m, 2022 (Amboise)
Nalo SL	2016	FR	Life insurance broker (COA)	COA + CIF (ORIAS 16002555), Apicil	B2C mass affluent	6	Majority acquisition by Apicil, Apr 2023
Goodvest SL	2020	FR	CIF	CIF + COA (ORIAS 20007544)	B2C mass affluent	24	Series B €12m, Sep 2025 (Serena)
Mon Petit Placement SL	2017	FR	Life insurance broker (COA)	COA + CIF, Malakoff Humanis 65%	B2C mass market	10.5	Malakoff Humanis takes 65%, May 2025
WeSave	2010	FR	CIF	CIF + COA (ORIAS 15004968), Amundi	B2C mass affluent	subsidiary	Acquired by Amundi, Jan 2019
Digital private banking and augmented IFAs
Ramify SL	2020	FR	CIF	CIF + COA + MIOBSP (ORIAS 20009289)	B2C mass affluent	14.5	Series A €11m, Jun 2024 (13books, Fidelity)
RockFi SL	2023	FR	CIF	CIF + COA (ORIAS 23004556)	B2C HNWI	22	Series A €18m, Mar 2025 (Partech)
Sapians	2023	FR	CIF	CIF + COA (ORIAS 23003561)	B2C HNWI	n/a	Backed by iVesta Family Office
Cleerly	2021	FR	CIF	CIF + COA (ORIAS 21007600)	B2C mass affluent	0	Self-funded
Wealth aggregators and PFM
Finary SL	2020	FR	Broker / PSI	Investment firm (CIB 19283, Mar 2026) + CASP	B2C mass affluent	38	Series B €25m, Sep 2025 (PayPal Ventures)
Linxo	2010	FR	Payments (EP)	EP (AISP, CIB 16928), Crédit Agricole	B2C mass market	20.9	100% acquired by Crédit Agricole, 2025
Bankin'	2011	FR	Payments (EP)	Agent of Bridge (licensed EP)	B2C mass market	n/a	Series A €20m, 2022
Cash and yield savings
Cashbee SL	2018	FR	Life insurance broker (COA)	COA + CIF (ORIAS 19002094)	B2C mass market	14.1	Series A €7.5m, Jul 2024 (MIF, La Banque Postale)
Raisin	2012	DE	Bank	Raisin Bank AG (DE), IOBSP in France	B2C mass affluent	n/a	Series E €60m, Mar 2023
Employee savings and retirement
Epsor SL	2017	FR	CIF	CIF (ORIAS 18000088), custody with SGSS	B2B corporates	50	Series C €16m, Mar 2025 (FST, Revaia, Blackfin)
Mūcho	2024	FR	Distributor (white label)	Offering operated with BNP Paribas ERE	B2B corporates	n/a	Start-up studio 321, backed by BNP Paribas
Caravel	2022	FR	Life insurance broker (COA)	COA (ORIAS 22002796), insurer Apicil	B2C mass market	n/a	Acquired by Indexa Capital, Mar 2024

Appendix A2 · Longlist and selection39 / 47

Longlist (3/3): alternatives, crypto and infrastructure, with recent licences

Segment, licence, target and amounts raised (€m, ECB rates of 25/09/2026)

Player profiles SL: shortlisted; raised: total of public rounds

PlayerBrand	FoundedYear	CountryHeadquarters	Businessmodel	Verified licenceRegister	TargetClient base	Raised€m	Latest round or transactionType, date
Alternative assets, PE and crowdfunding
Anaxago	2012	FR	PSFP	PSFP (FP-2023-25); SGP Ambra Capital	B2C mass affluent	2	Growth round, 2014
Homunity	2014	FR	PSFP	PSFP (FP-2023-31), Tikehau group	B2C mass affluent	n/a	Acquired by Credit.fr (Tikehau), Jan 2019
Moniwan	2016	FR	Broker / PSI	Investment firm (La Française)	B2C mass affluent	subsidiary	Subsidiary of La Française
WiSEED	2008	FR	PSFP	PSFP (FP-2023-33), Advenis group	B2C mass market	n/a	Sold to Advenis in receivership proceedings, Dec 2025
Private Corner SL	2020	FR	SGP	SGP (GP-20000038)	B2B2C	n/a	Armen exits, founders hold majority, Apr 2026
La Première Brique	2019	FR	PSFP	PSFP (FP-2023-15)	B2C mass market	n/a	Minority investment by iXO and Elige, Mar 2025
Enerfip SL	2014	FR	PSFP	PSFP (FP-2022-2), EU passport	B2C mass market	1.2	Buyout of minority shareholders by the founders, 2024
Louve Invest	2020	FR	CIF	CIF + COA (ORIAS 21000042)	B2C mass affluent	n/a	No public funding round
Bricks	2020	FR	PSFP	PSFP (FP-2023-8)	B2C mass market	13	€30m for a bank, Jun 2026 (unconfirmed)
Tudigo	2012	FR	PSFP	PSFP (FP-2023-39), in receivership	B2C mass affluent	5	Community round €3m, Feb 2023
Moonfare	2016	DE	Broker / PSI	BaFin investment firm	B2C HNWI	170	Series C extension, Feb 2023
ClubFunding	2014	FR	PSFP	PSFP (FP-2023-40); SGP (GP-20000025)	B2C mass affluent	n/a	Bpifrance and EMZ shareholders (amounts n/a)
Crypto
Coinhouse SL	2014	FR	PSAN / CASP	MiCA CASP (A2026-013, 7 services)	B2C mass affluent	55	€40m round, Jun 2023 (Oddo BHF)
Paymium	2011	FR	PSAN / CASP	MiCA CASP (A2026-018)	B2C mass affluent	2.5	ICO, 2018
Meria	2017	FR	PSAN / CASP	MiCA CASP (A2026-020)	B2C mass market	n/a	Exclusive negotiations with CACEIS, Jul 2026
Bitstack SL	2021	FR	PSAN / CASP	MiCA CASP (A2025-003)	B2C mass market	23.8	Series A $15m, Dec 2025; equity crowdfunding $4.5m, Mar 2026
Deblock	2022	FR	PSAN / CASP	MiCA CASP (no custody)	B2C mass market	57	Series A $35m, Nov 2025 (≈$208m)
SwissBorg	2017	CH / FR	PSAN / CASP	MiCA CASP (A2026-011), France hub	B2C mass market	66	Community round €22m, Mar 2023
B2B infrastructure (wealthtech enablers)
Harvest SL	1989	FR	Software vendor	Unregulated	B2B	LBO	Secondary LBO by TA Associates and Montagu, Aug 2024
Wealthcome SL	2022	FR	Software vendor	Unregulated (aggregation via Powens)	B2B	23	Series B €15m, Sep 2026 (Breega)
Powens	2012	FR	Payments (EP)	Licensed EP (PSD2), aggregation	B2B	LBO	Majority acquisition by PSG Equity, 2022
Lemonway	2007	FR	Payments (EP)	Licensed EP (2012), EU passport	B2B	35.5	Series B €25m, Oct 2019
Upsideo	2011	FR	Software vendor	Unregulated, FASST group	B2B	5	Acquired by FASST, Oct 2025
Charlie Finance	2026	FR	Software vendor	Unregulated (software vendor, NAF 62.01Z)	B2B	n/d	No funding disclosed; founded May 2026

Appendix A2 · Longlist and selection40 / 47

The shortlist keeps the players that set the standard in their segment

Twenty players selected, at least one per segment: size, momentum, distinctive model

Trade Republic

Neobroker

The benchmark neobroker in France: PEA at €1 per order, 400,000 PEAs in 18 months, Livret A built in

Revolut

Neobroker

8m clients in France and a bank licensed in France since August 2026

BoursoBank

Online bank or broker

Leading digital player (9.1m clients, ≈€100bn in AUM) and profitable

Fortuneo

Online bank or broker

Mutualist challenger forgoing its margin to double its client base by 2030

Linxea

Online bank or broker

Leading online life insurance broker by AUM (€6.5bn), open architecture

Yomoni

Robo-adviser

Leading robo-adviser (€2.1bn), the only profitable player in its segment since end-2025

Nalo

Robo-adviser

Insurer-backed robo-adviser (Apicil): the captive model

Goodvest

Robo-adviser

Climate-themed robo-adviser, AUM doubled in 2025

Mon Petit Placement

Robo-adviser

Mass-market robo-adviser paid on performance, controlled by Malakoff Humanis

Ramify

Digital private banking

Robo-adviser moved upmarket into digital private banking, pricing tiered by wealth

RockFi

Digital private banking

Fee-only wealth advice for HNWIs: €1.3bn advised in three years

Finary

Aggregator

Aggregator with 1m users turned investment firm

Cashbee

Cash savings

Cash savings as a door-opener, then life insurance, PER and structured products

Private Corner

Alternatives

Private markets distributed by 450 IFAs: ≈€1.2bn raised

Enerfip

Alternatives

Profitable renewable-energy crowdfunding, default rate < 1%, European consolidator

Epsor

Employee savings

The only independent fintech in the top 10 for employee savings

Bitstack

Crypto

Mass-market recurring bitcoin savings, CASP since 2025

Coinhouse

Crypto

Regulated crypto for wealth management (7 MiCA services) and consolidator

Harvest

B2B infrastructure

Benchmark IFA software (used by nearly one IFA in two, press estimate)

Wealthcome

B2B infrastructure

SaaS challenger for IFAs: aggregated assets up fourfold in 18 months

Appendix A2 · Longlist and selection41 / 47

Players excluded from the longlist and reason

Profiles collected but not selected, and reason

Player	Reason	Detail
Mstreet	Not found	Domain inactive (503 error), no matching entity identified
Aliath	Not found	Namesakes: governance consultancies, no wealthtech activity
Moneypitch	Integrated into Harvest	Harvest group client portal (Harvest row)
Quantalys	Integrated into Harvest	Acquired by Harvest in June 2021 (Harvest row)
Manymore	Integrated into Harvest	Acquired in 2023, absorbed into Harvest France in 2025
Swile Épargne	Non-existent offer	No employee savings offer at Swile or Bimpli; proxy used: Mūcho
Yomoni PER	Duplicate	Offer included in the Yomoni row
Linxea Spirit PE	Duplicate	Private equity offer included in the Linxea row
ING France	Exited the market	Exited French retail banking (2022), clients redirected to BoursoBank
Marie Quantier	Defunct	Compulsory liquidation in 2019, clients taken over by Patrimea
Birdee	Defunct	BNP Paribas AM robo-adviser closed on 30/06/2025
Mieuxplacer.com (Elwin)	Defunct	Liquidated in 2022, struck off in 2024
StackinSat	Exited the market	PSAN registration lapsed on 02/07/2026, no CASP licence; purchases suspended
Eres	Reference point	Incumbent non-fintech player (€8bn), used as a size benchmark

Player	Reason	Detail
Interactive Brokers	Below threshold	Expert client base, no French data disclosed
Monabanq	Below threshold	Investment offer marginal to the business model
EasyBourse	Below threshold	Contradictory pricing data, marginal weight
Shares	Below threshold	Insufficient data, French activity uncertain
Raizers	Below threshold	Small scale, default rate ≈24% (site-crowdfunding.com)
Lendosphere	Below threshold	123 IM subsidiary, latest public accounts from 2021
Mipise	Below threshold	Revenue ≈€2m, white-label crowdfunding
Fundvisory	Below threshold	Pivot to B2B software, small scale
Deskoin	Below threshold	≈50,000 users, funding round amount undisclosed
Colbr	Below threshold	€1m raised, no size data
Feel Mining (Wigl)	Below threshold	CASP licence obtained on 24/07/2026 after three weeks without status
Masteos	Defunct	Receivership at end-2023, taken over by Novaxia
October	Defunct	Lending activity discontinued, taken over by Aether (Apr 2026)

Appendix A3 · Consolidation42 / 47

Insurers, banks and funds are buying up digital distribution and infrastructure

Acquisitions, equity stakes and market exits, 2019 to September 2026

Insurer or mutualBank or asset managerInvestment fundConsolidating fintechFailure or exitArrow: acquirer or buyer

2019

WeSave → Amundi

Homunity → Credit.fr (Tikehau)

Harvest → Five Arrows (LBO)

Marie Quantier liquidated

2020

Altaprofits → Generali

2021

Quantalys → Harvest

Lendosphere → 123 IM

2022

Powens → PSG Equity

Mieuxplacer (Elwin) liquidated

2023

Nalo → Apicil

Manymore → Harvest

Linxea: 20% to IK Partners

Masteos in receivership

2024

Caravel → Indexa

Harvest → TA, Montagu (LBO)

aixigo → Amundi (€149m)

2025

Mon Petit Placement → Malakoff Humanis

Linxo → Crédit Agricole

Upsideo → FASST

Enerfip acquires Lumo

WiSEED → Advenis

Birdee closed

2026

Saxo → J. Safra Sarasin

Harvest acquires Firstance

Coinhouse takes over Tilvest

October → Aether

Meria: CACEIS in negotiations

Tudigo in receivership

StackinSat without licence

fintech M&A deals in France in 2025, a record high

business closures in H1 2026, versus 7 a year earlier

35%

of French fintechs expect to be sold (2026)

Sources: Observatoire de la Fintech (S13); KPMG (S14); mind Fintech (S47); Maddyness (S31); Amundi (S45); company websites and registers, Pappers (S5); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

Appendix A4 · Specialist segments43 / 47

One leader equips IFAs; a challenger quadruples its aggregated assets in 18 months

Software vendors and infrastructure providers for advisers, 2024 to September 2026

Three building blocks of advisory infrastructure

Harvest Historical leader (1989)

Harvest France revenue €60.8m, net income €11.0m (2024); ≈€120m group revenue claimed for 2026
600 employees, ≈4,600 professional clients; nearly one IFA in two, according to the press
Build-up: O2S, Fidroit, Quantalys, Manymore, Feefty, Fincite (DE), Firstance (IT)
LBO by TA Associates and Montagu (2024), ≈€500m according to the press
Cyberattack in February 2025; native AI in Big and O2S (2026)

Wealthcome SaaS challenger (2022)

800 firms, 5,000 to 6,000 users; aggregated assets up from €20bn to €80bn in 18 months
€23m raised, including a Series B of €15m (Breega, September 2026)
Entry price of €50 per month for 50 clients
Binom AI: meeting notes turned into KYC
Aggregation supplied by Powens; accounts kept confidential

Powens Regulated aggregation (2012)

Licensed payment institution (PSD2)
Revenue €11.3m, net income +€0.4m (2025), profitable since end-2024
300 clients: banks, fintechs, software vendors
130 employees; PSG Equity majority owner since 2022
Shared building block for several wealth aggregators

A growing adviser market that is equipping itself

7,712

CIFs at end-2025, +9.3% year on year

€110bn

advised by CNCGP's CIF and IAS firms (2024)

+10.9%

PSI tied agents in 2025

Oct 2025

Upsideo acquired by FASST

Sources: company websites and registers, Pappers (S5); Dogfinance (S34); Club Patrimoine (S33); ORIAS (S15); CNCGP (S54); Council of the EU (S48); Cervino Strategy analysisCarveLines · Cervino Strategy © 2026

Appendix A4 · Specialist segments44 / 47

Real estate crowdfunding pays the price of higher rates; unlisted assets flow through IFAs

Loss experience and size of crowdfunding platforms, 2025-2026

Default rate by platform % of amount financed

Platforms of comparable size, very different risk profiles Key figures by platform

PlatformBrand	InvestorsNumber	AUM or amount financed€m	HighlightRecent
La Première Brique	220,986	271 (est.)	Profitable, net margin ≈33%
Bricks	700,000 (registered)	280	€176m financed in 2025 (+90%)
Enerfip	89,000	≈900 (financed)	Net inflows > €180m in 2025
ClubFunding	n/a	888	No. 1 in real estate crowdfunding by volume
Homunity	35,000	386	Tikehau group (Credit.fr)
WiSEED	33,000	107	Sold to Advenis while in receivership

The market is consolidating toward intermediated unlisted assets

Receiverships Tudigo in receivership (August 2026); October taken over by Aether (Apr 2026)

Consolidation Enerfip acquires Lumo (formerly Société Générale) and DuurzaamInvesteren; Anaxago Capital becomes Ambra Capital

Unlisted via IFAs Private Corner: from €400m to ≈€1.2bn raised, 450 partners; Moonfare > €4bn in Europe

Regulation Green Industry Act: at least 4% unlisted assets in balanced managed portfolios, 8% in dynamic ones

Default rate by amount: (defaults + losses) / total financed, calculated by site-crowdfunding.com (figures as at July-August 2026); Raizers includes arrears of more than six months. Enerfip reports 0.34% (losses only).

Appendix A4 · Specialist segments45 / 47

MiCA has sorted the crypto market: licensed players consolidate, the rest exit or sell up

CASP licences granted by the AMF to longlist players, and exits, 2025-2026

MiCA status of crypto players on the longlist

Player	Licence	Date	Scope	Clients	Highlight
Deblock	A2025-001	23/05/2025	3 services, no custody	300,000+	First CASP licence granted by the AMF; $35m Series A
Bitstack	A2025-003	30/06/2025	5 services	300,000+	Third French CASP; revenue ×10 in two years
SwissBorg	A2026-011	05/03/2026	6 services, including portfolio management	≈920,000	Has made France its European MiCA hub
Deskoin	A2026-012	28/04/2026	5 services	50,000	Luxembourg group Olky took a stake (2025)
Coinhouse	A2026-013	07/05/2026	7 services, advice and portfolio management	350,000+	Takes over Tilvest's discretionary management (unlicensed)
Paymium	A2026-018	22/06/2026	6 services, trading platform	230,000+	A rare French retail trading platform
Meria	A2026-020	22/06/2026	6 services, including portfolio management	150,000	CACEIS in exclusive negotiations (Jul 2026)
Finary	CASP	07/07/2026	Crypto within the aggregator	1m users	Following its investment firm licence
Feel Mining, Wigl	A2026-029	24/07/2026	5 services	n/a	Three weeks without status after 02/07/2026
StackinSat	none		PSAN registration lapsed on 02/07/2026	25,000	Purchases suspended
Ramify	exit	01/07/2026	Crypto offer discontinued		Offer discontinued at the end of the PSAN regime

A market sorted by licensing

licensed crypto-asset service providers in France at end-July 2026, 283 across the EU

2nd

European jurisdiction by number of licences

01/07/2026

end of the transitional period: licence or exit

Networks are entering through acquisitions (CACEIS and Meria, in negotiations); Bitpanda operates in France under its Austrian licence.

Appendix A5 · Sources46 / 47

Sources (1/2): public authorities, regulators and industry bodies

By category; boxed: sources cited on 5 or more pages; URLs on request

Public authorities and regulators 15 sources

No.	Issuer · document	Date	Cited on p.
S2	Banque de France · Household savings Q4 2025	21/05/2026	2, 5-6, 27
S19	Banque de France · Household savings Q1 2026	17/08/2026	5
S16	Banque de France · Equity savings plans (PEA) 2025	01/06/2026	3, 5, 31
S21	Caisse des Dépôts · Regulated savings, net inflows December 2025	22/01/2026	5-6
S1	Ministry of the Economy · regulated rates as at 1 August 2026	15/07/2026	2, 6
S27	Banque de France · 10-year OAT constant maturity rate (TEC 10), via oblig.fr	25/09/2026	6
S23	DG Trésor · PER passes the €150bn mark	05/06/2026	5-6, 28
S4	AMF · The stock market attracts a record number of investors in 2025	27/03/2026	2, 8
S28	AMF · Retail investor dashboard no. 21	27/03/2026	8, 32
S29	AMF · Retail investor dashboard no. 22	22/09/2026	8, 13, 27, 32-33
S18	AMF · Savings and investment barometer 2025	17/12/2025	3, 8, 26-27, 31
S30	AMF · End of the PACTE / MiCA transitional period	06/07/2026	9-10, 26, 41, 45
S15	ORIAS · Annual report 2025	2026	3, 26-28, 33, 43
S48	Council of the EU · agreement on the retail investment strategy	18/12/2025	26, 28, 31-33, 43
S49	European Parliament · procedure 2023/0167(COD)	27/09/2026	26

Industry bodies, observatories and studies 11 sources

No.	Issuer · document	Date	Cited on p.
S3	France Assureurs · Life insurance in 2025	27/01/2026	2, 5-6
S17	France Assureurs · Unit-linked life insurance in 2025	06/05/2026	3, 6, 14, 16, 26, 31
S24	France Assureurs · Life insurance June 2026	30/07/2026	6
S20	France Assureurs · Life insurance July 2026	31/08/2026	5
S43	ASPIM · retail real estate funds in Q4 2025	10/02/2026	16
S22	AFG · Employee savings and company retirement plans 2025	19/03/2026	5, 28
S35	Place des Épargnants · Life insurance fees observatory	21/06/2026	14
S54	CNCGP · institutional website	27/09/2026	43
S13	Observatoire de la Fintech · KPMG, Mastercard: The year of fintech 2025	16/12/2025	3, 25-26, 42
S14	KPMG France · The fintech half-year 2026	07/07/2026	3, 25-26, 42
S53	France FinTech · FFT26 speech	15/04/2026	31

Appendix A5 · Sources47 / 47

Sources (2/2): company communications, press and customer reviews

By category; boxed: sources cited on 5 or more pages; URLs on request

Company communications 11 sources

No.	Issuer · document	Date	Cited on p.
S5	Players and registers · websites, pricing, press releases; AMF, ORIAS, REGAFI, Pappers	27/09/2026	38 pages
S9	MoneyVox · BoursoBank: H1 2026 results	30/07/2026	13 pages
S10	Revolut · annual report 2025	24/03/2026	2, 20-23, 27, 31
S8	Revolut · Revolut becomes a licensed bank in France	10/08/2026	2, 8-10, 36
S6	Trade Republic · launch of the PEA and French IBAN	09/01/2025	2-3, 8, 10
S11	Trade Republic · secondary sale at €12.5bn	17/12/2025	2, 5, 10, 20, 23, 25, 29
S7	Trade Republic · launch of the Livret A	20/08/2026	2, 8, 10, 19, 27, 31
S12	Yomoni · €2bn AUM milestone	30/01/2026	2, 10, 18, 20, 27, 29-30, 33
S45	Amundi · acquisition of aixigo	14/11/2024	19, 26-27, 32, 42
S51	Groupama · Green Industry Act and savings	n/a	28, 44
S41	Goodvest · Goodvie performance	30/06/2026	16

Customer reviews 1 source

No.	Issuer · document	Date	Cited on p.
S36	Review platforms · Trustpilot, App Store France, Google Play	27/09/2026	15, 17, 27

Press and specialist websites 16 sources

No.	Issuer · document	Date	Cited on p.
S46	Le Monde · Fintechs go after large fortunes	11/05/2026	22, 27, 29-30, 33
S25	Emprunt patriotique · 10-year OAT history (AFT, BdF)	27/07/2026	6
S26	Trading Economics · 10-year OAT at its highest since 2008	18/08/2026	6
S37	MoneyVox · 2026 comparison of managed portfolios	03/08/2026	16
S38	MoneyVox · Yomoni Vie: performance	06/08/2026	16
S39	MoneyVox · Nalo Patrimoine: performance	26/08/2026	16
S40	MoneyVox · Mon Placement Vie: Plan B	31/08/2026	16
S42	ACPR via MoneyVox · euro funds 2025	30/06/2026	16
S44	Avenue des Investisseurs · 2025 review	15/01/2026	16
S31	Maddyness · Mon Petit Placement joins Malakoff Humanis	06/05/2025	10, 24-25, 32, 42
S32	Maddyness · Finary raises €25m	18/09/2025	10, 23-25
S33	Club Patrimoine · Wealthcome raises €15m	25/09/2026	10, 24-26, 29-30, 33, 43
S34	Dogfinance · Harvest cyberattack	13/03/2025	10, 19, 43
S47	mind Fintech · 35% of fintechs expect to be sold	14/04/2026	25, 42
S50	Investir (Les Echos) · guide to the PEAC	2026	28
S52	site-crowdfunding.com · default rates by platform	08/2026	29-30, 44

Investment and savingsfintechs in France

Flows shift to large players; profit comes from scale, the issuer model or B2B

Insurers and funds consolidate the middle; white space sits between robo and private bank

Contents

French online savings pure players manage ≈0.5% of financial savings

The fall in the Livret A rate has shifted net inflows to life insurance and unit-linked funds

Of 88 players identified, the shortlist retains the 20 that set the standard in their segment

Foreign neobrokers are capturing the majority of new equity investors

Status shapes the model; the leaders are moving up in status to broaden their offer

Models are converging: each player is extending its offer into the adjacent segment

Competition clusters in execution; HNWI advice and B2B2C remain sparsely occupied

Trade Republic adds French wrappers; robo-advisers add advice and private markets

Brokerage is heading towards €1 per order: execution no longer pays for distribution

At €100k, managed portfolios cost €1,400 to €1,900 a year, 7 to 9 times an ETF in a PEA

High, tightly clustered ratings; robo-advisers, backed by human advisers, all at 4.4 or above

In 2025, managed portfolios returned between -1% and +20% depending on player and profile

Delays top the pain points, ahead of fees and access to a human

Teaser pricing and referrals: the primary acquisition lever for half the players

B2B2C attracts asset managers and specialists; the longlist supplies as much as it distributes

Trade Republic's AUM is 100 to 1,000 times that of most French specialists

Beyond brokerage, revenue comes from deposits, subscriptions and AUM

Profitability comes from scale, the issuer or B2B, rarely from B2C management

Revolut and Trade Republic have raised almost eight times as much as the French shortlist

Insurers, banks and LBO funds finance most French players

Fewer, larger rounds, and closures: French fintech is consolidating

Consolidation, pricing, advice and B2B2C all push in the same direction: scale

The middle struggles to profit: scale and infrastructure pay, advice is unproven

The white space lies between robo-advisers and private banking, and on the corporate side

The issuer model and B2B infrastructure are open; distribution demands scale

Each model has its breaking point; only two have a quantified break-even threshold

Counterpoint: the networks keep the stock and fee pressure remains slow

Established players: the challenge is to capture young flow without cannibalising the stock

Scaling up: in total AUM for specialists, per client for neobrokers, in installed base for B2B

Appendices

The scope covers the whole value chain, from order execution to adviser software

Method, flagged estimates and glossary

Longlist (1/3): neobrokers and online banks account for the bulk of capital

Longlist (2/3): managed portfolios and digital advice, often backed by an insurer

Longlist (3/3): alternatives, crypto and infrastructure, with recent licences

The shortlist keeps the players that set the standard in their segment

Players excluded from the longlist and reason

Insurers, banks and funds are buying up digital distribution and infrastructure

One leader equips IFAs; a challenger quadruples its aggregated assets in 18 months

Real estate crowdfunding pays the price of higher rates; unlisted assets flow through IFAs

MiCA has sorted the crypto market: licensed players consolidate, the rest exit or sell up

Sources (1/2): public authorities, regulators and industry bodies

Sources (2/2): company communications, press and customer reviews

Investment and savings
fintechs in France