SHINE RAISES $9.3 MILLION TO BANK FREELANCERS: France-based fintech Shine is set to raise a $9.3 million Series A funding round for its digital-only bank targeting freelancers and gig economy workers in the country, reports TechCrunch. The round is being led by XAnge, with participation from existing investor Daphni, and takes the mobile-only bank’s fundraising total to $12.5 million, per Crunchbase. Shine offers users an administrative and financial management platform that combines online banking with contract and invoice management. Users can use the account to send and receive money like with other banking apps. The platform has also partnered with Teezor to provide customers with IBAN details and direct debits, so they can receive payments from employers and set up direct debits. Its integrated invoicing system allows users to generate PDFs that can be sent to clients. While the majority of its services are free, with charges only placed for accepting card payments for invoices sent out through the platform, Shine intends to launch a premium service in the future. Having already acquired 25,000 freelancers, Shine’s offering targeting niche markets appears to be bearing fruit, illustrating that, despite Europe’s increasingly saturated neobank market, there remain addressable markets for innovative fintechs to target.



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