Tuesday, December 13, 2016

Morning, an arm of iron with the Maif, which could send it to the terminus – Frenchweb.fr

The Fintech toulouse Morning (ex Payname) could not recover from the standoff that opposes its majority shareholder, the MAIF.

In 2013, we introduced you to the startup under the name of Payname, which had a payment application to declare, ensure and pay for the services between individuals. Since the company has operated numerous pegs, the last of which was last summer wanting to turn into online banking, under the brand Morning. Founded by Eric Carpenter, the Morning wants to be “go towards a new paradigm of the bank, anchored in the real economy“.

And it is to this reality that Morning is facing today, the ACPR (Autorité de controle prudential and resolution) has taken on the 1st of December of the precautionary measures against the company to suspend its activity. Wanting to offer a service of credit card to its customers, Morning has of the guarantee, through a pledge of a portion of his account ring-fencing (the account that holds the funds received from the customers), the face of this situation, the ACPR has considered that “the interests of its customers are likely to be compromised.”

We can’t donate the money collected on the behalf of our clients. So the site is frozen and no movement may be made.,” explained the company via its blog.

The company is also facing cash flow problems, the latter became negative at 17 November 2016, according to the commissioner of accounts of the SAS. As many of the facts which have provided sufficient grounds to justify the decision of the ACPR.

Eric Carpenter, explains this situation by the deterioration of relations with the MAIF, which owns 38% of the company, which, according to him, would not support the financial project that he wanted to develop, namely an ipo in early 2017. MAIF would prefer as Morning opens its capital to a traditional bank scenario, which according to the founder would go against the independence of Morning. This disagreement prevents the arrival of new shareholders.

Eric Carpenter, declares in the Tribune that the wages of December will not be paid. For him the only issues are “to be the Maif is released, it disengages completely.”

Since its launch in 2013, Morning (ex Payname) has carried out three rounds: the first € 300,000 from business angels including Denys Chalumeau and Olivier Pariselle, the second of € 500,000 via the crowdfunding platform Wiseed, then 5 million euros with MAIF FUTURE (4 million euros), the group La Dépêche du Midi, the BPI and the Midi-Pyrenees region.

Morning, it is launched in June 2016 an ambitious project to campus in Saint-Elix le Chateau in which the company would have invested over one million euros. Morning account now has about fifty employees.

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