Shine grabs $9.3 million to build a bank for freelancers


French startup Shine is raising a $9.3 million (€8 million) Series A round. The company is building an alternative to traditional bank accounts for freelancers working in France.

XAnge is leading today’s round with existing investor Daphni also participating, as well as business angels Gilles Samoun and Ed Zimmerman. The company previously raised $3.3 million (€2.8 million) from Daphni, Kima Ventures and various business angels.

While it’s pretty easy to get started as a freelancer in many countries, France is not one of them. You need to register a “micro-company”, report your earnings for corporate taxes, report sales tax collection in some cases and more.

Arguably, it has gotten much easier recently with a ton of resources to get started. But Shine wants to go one step further and package everything you need in an app.

Shine starts by helping you register your company. After downloading the app, the company will guide you through the process — you need to take a photo of your ID and fill out a form. It feels like signing up to a social network. Compared to the official process, Shine’s process is less intimidating and easier to understand.

You can send and receive money from your Shine account just like in any banking app. Shine gives you your own banking information (IBAN) to receive payments and pay using direct debit. A few days later, you receive a debit card. You can temporarily lock the card or disable some features in the app, such as ATM withdrawals and online payments.

Shine doesn’t handle IBAN and cards directly. The company partners with Treezor for those banking features.

If you’re a rider on Deliveroo and UberEats, or if you work with a freelancer marketplace, such as Malt, Side, Upwork and Brigad, all you need to do is enter your Shine IBAN on those platforms. If you work with clients directly, Shine has an integrated invoicing system. It generates a web page and a PDF that you can send to your clients. When a client opens the page, you get a notification. They can pay with a card.

Finally, Shine reminds you when you have to pay your taxes and has a customer support team that can help you figure out what you need to do. They’re slowly building a comprehensive knowledge base on being a freelancer in France.

Shine is free for everything I just described except if you choose to accept card payments on your invoices. But even for that feature, it remains quite cheap.

The company plans to launch a premium plan in the coming months with advanced accounting features. So far, 25,000 freelancers are using Shine in France. And 10 percent of new freelancers (“micro-entrepreneurs”) register their company through Shine.

While challenger banks, such as N26 and Revolut are widely successful, it’s great to see some companies focus on niche markets with the same approach. Shine is a breath of fresh air for freelancers in France. The company is making the process so much easier for newcomers.



Source link

You May Also Like

About the Author: sexymagazinepro1

Leave a Reply

Your email address will not be published. Required fields are marked *