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Online & Mobile Banking

BNP Paribas funds PayCar fintech

Thursday 1 December 2016 | 08:55 AM CET

Several of the BNP Paribas Group`s businesses have participated in the first-ever funding round for PayCar, taking a stake worth a total of EUR 1.3 million.

Among the bank’s businesses participating within the funding round we name: its French Retail Banking, BNP Paribas Cardif and BNP Paribas Personal Finance businesses.

PayCar was Founded in March 2015 by Vincent-Marty-Lavauzelle and Mike Waldman and provides a payment platform for the sale and purchase of second-hand vehicles between private individuals, offering a simple, secure alternative to using bank cheques. The identities of both the purchaser and the seller are checked out ahead of any transaction. The purchaser credits his/her PayCar account and, on the appointed day, the agreed price will immediately be transferred from the PayCar account to the seller with just a few taps on a smartphone screen.

The startup began an incubation process at the “Accélérateur Fintech by L’Atelier BNP Paribas” in March 2016, working closely for four months with the Group’s insurance arm BNP Paribas Cardif. In line with the Group’s Open Innovation policy, this agreement with PayCar does not include any exclusivity provisions.

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