French open core banking system technology provider TagPay has raised €25m ($30.6m) from New York-based private equity firm Long Arc Capital.
The deal offers the private equity firm a majority interest in TagPay.
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Long Arc partner Vincent Fleury said: “As financial institutions begin to see the benefits of next generation core banking systems, TagPay will demonstrate its full potential, offering a configurable and connectable banking environment that meets the highest security standards.”
TagPay co-founders Yves Eonnet and Hervé Manceron will retain their leadership positions.
With the infusion, the banking technology provider intends to drive growth as well as expand its sales, product and technical teams.
Over the next two years, the firm intends a two-fold increase in its banking customers and eye a five-times growth in the number of end-customers with digital banking services.
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By GlobalDataFrench banking group Société Générale will continue to be a minority shareholder and a longstanding partner in the new growth phase.
Eonnet stated: “The regulatory evolution, the new expectations of end customers and the disruption in financial services makes the modernisation of core banking systems a necessity.
“Today, thanks to its open and agile architecture system, TagPay is the premier solution to address these challenges. We are very happy to have the support of Long Arc Capital, whose financial and operational support will allow us to grow rapidly over the next 3 years.”
TagPay is said to offer a cost-efficient core banking platform to financial institutions, enabling them to enhance customer experience and support innovations.
At present, around 20 financial institutions – including top-tier European banks – leverage TagPay.
The company is headquartered in Boulogne-Billancourt and has a workforce of 35. It earlier received funding of €7m.
