full recovery from his service under the angle of ” open banking “, Morning has just received several blows from a club.
Originally established under the name of Payname, the start-up Fintech, installed near Toulouse, had presented its new ambitions of neo-bank in June.
She found herself in a difficult situation, for several reasons : provisional measures taken on behalf of the prudential supervision Authority and resolution (ACPR) resulting in the suspension of service, financial difficulties and an alleged lack of support from its shareholder of reference (MAIF holds 38% of the capital).
After you have developed a system of jackpot free online for secure payments between particular Morning has issued the will a more ambitious project of ” néobanque “…without the support of the banks. The first brick in this sense had been unveiled in November : a next MasterCard to ” simplify the financial management in everyday life “.
How is the status of Morning, it deteriorated in three acts :
Regulation : service interrupted after a check bank
Authorized the “Establishment of payment” by the ACPR and the holder of the license of a principal member MasterCard, Morning has had to stop its payment services.
precautionary measures have been taken in respect of the start-up by decision of the regulatory authority “, which is to ensure the stability of the financial system and to the protection of the customers ‘ date of 1 December.
At the heart of the alert to : insufficient funds on the account ring-fencing (blocked) with a credit institution (a regulatory obligation under the monetary and financial Code).
A collection of 514 564 euros was carried out in September 2016 without payout later. But the commissioner of accounts of the SAS Morning has also identified a lack of ring-fencing additional 538 494 euros as of 31 October 2016.
This is too much for the ACPR considers that the start-up has not implemented the ” necessary steps to ensure the protection of funds received from its clients “.
While pursuing : any amounts currently credited to the account of the cantonment of the SAS Morning are clearly insufficient to cover the amount of funds it has received from its customers. “As a result,the interests of its customers are likely to be compromised. “
Until further notice (that is to say a possible release of the provisional measures of the ACPR), the activity of the Morning is interrupted.
In a press release of the day, Morning defends himself : “We would like to remind that a payment has been itemized on the account of the cantonment in order to meet the obligations of the safeguards necessary for the launch of the next payment cards Morning. This amount has not been used by Morning. “
In a contribution blog of the day, Morning explains the situation to its 75, 000 clients about the service unreachable : “In the clear, it is impossible for us today to offer our services, including those of prize pool and payout page. We can’t donate the money collected on the behalf of our clients. So the site is frozen and no movement may be made. “
But other contextual elements make a hypothesis recovery more risky.
financial Accounts : Morning short of cash
The ACPR, the precise in its decision on the faith of the warning given by the commissioner of accounts of the SAS Morning : “The company’s cash flow became negative at 17 November. “
The risk of failure is important : a default could lead to a period of legal redress or liquidation.
” This is the subject of the greatest concern “, said Eric Carpenter, CEO and founder of Morning contacted Monday afternoon by ITespresso.fr.
According to his words, Morning was betting on a fund-raiser in the course of the year 2016 or even an ipo on the Alternext market of 15 million euros by the end of the first quarter of 2017.
But Eric Carpenter evokes procrastination – or rather of “non-decisions” – that have endured on the part of the MAIF since the beginning of the year and a plan for IPO that was not considered “serious” and “credible” by the majority shareholder of the start-up.
MAIF : a sensitive position of a shareholder of reference
The MAIF, which had been injected with 5 million euros in September 2015 via its investment fund MAIF Future, seems uncomfortable with the project of “neo-bank” of Morning. This is the version advanced by the founder of the start-up.
The point allowed to float, the situation in the first half of 2016 ? A period during which Morning is seeking new avenues of funding to ensure the sustainability of these activities.
” today, as we are ready to run the model, our main investor, the MAIF, announced that it conditions its action of support for the project at the entrance of a new investor, ” evokes Morning in its press release of the day.
” In a short period of time, the MAIF directs us clearly towards the introduction of a historic bank in the capital. This would kill the project of independence of the Morning, to kill innovation for the benefit of a single actor whose interests are elsewhere. “
In terms of governance, the MAIF is part of the strategic committee for the Morning and a general meeting should be convened “in the coming days,” recalls Eric Carpenter during our interview.
The end of the year will be eventful, but decisive for the team of 50 collaborators and the follow up of the project of the start-up. Despite all the efforts made by management to show the steps that are disruptive and positive that have been taken since the creation of the society (see PT in PDF).
In a press release to this day, the MAIF reacts on the event of the Morning ” because it is CAPRA “. The insurance company states that it is ” fully mobilized to try to find solutions that would overcome the difficulties encountered by Morning, and this, in the interest of its clients and its employees. “
While continuing : “We are committed, when we will be at the end of this process, to put us in position to share our vision on the evolution of this file. “
An interview with Pascal Demurger (Director-general of the MAIF), which aired this summer on ITespresso.fr left cast serious doubt on the willingness of the insurance group to invest in the credo of neo-bank is aiming to shake up the traditional sector of the bank.
” Our approach on the banking sector is based on the agility of a start-up [Linxo, the origin of the service aggregator of bank accounts, Nestor, ED.] and the operating position of neutrality, because we don’t have a strong interest in the banking world. “
While continuing : “By offering this service of an aggregator bank accounts, we do not have the disadvantages related to the business of the bank : we are not content to accounts, we do not need to make the necessary investments to assemble a banking system. “
The case of Payname/Morning had been overshadowed in the response. A subliminal message can be.