The Postal Bank “found a buyer for its crowdfunding platform KissKissBankBank”, reports The Echo Monday December 2, and the buyer is none other than “its main competitor, Ulule, for an undisclosed amount”.
The banking establishment bought the pioneer of French crowdfunding in 2017, “KissKissBankBank & Co, which brought together KissKissBankBank, Hellomerci [prêts solidaires] and Lendopolis [financement participatif pour les énergies renouvelables]”.
Always in deficit
But the Postal Bank had to face a “difficult year” and launched a “cost rationalization plan of 200 million euros for 2024”, which involved “better in line with developments in the sector”, recalls the Belgian economic media. In November, it had already sold Lendopolis to Lendosphere, a subsidiary of the wealth management company 123 IM.
The KissKissBankBank platform, despite a turnover of 2 million euros in 2023, accumulates losses “since its creation in 2009”. And, like other crowdfunding players, it was affected by “inflation but also the rise in rates”.
Alexandre Boucherot, the founder of Ulule, calculated that this strategic merger represents “80,000 projects funded, 480 million euros collected, and 9 million contributors”. The joint communiqué promises that “the two platforms will retain their specificities, while benefiting from a common technological infrastructure”.
Related News :