British fintech PrimaryBid launches in France with Euronext support
PrimaryBid is launching in France in partnership with pan-European exchange operator Euronext on Tuesday 1 June. The British fintech enables retail investors to access to public company fundraisings in the same conditions as institutional investors.
PrimaryBid's service in France is available through three online retail trading platforms: Bourse Direct, Boursorama and EasyBourse. It was granted regulatory approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in December 2020.
PrimaryBid has already allowed retail access to more than 140 transactions in the UK on behalf of small and large-cap companies in the UK's FTSE indices including Croda, Ocado, Compass, Aston Martin and Severn Trent. In October 2020, Dutch group ABN Amro, through ABN Amro Ventures, had invested in the platform to support its expansion in Europe, and in particular in the Benelux region.
Commenting on the launch, Anand Sambasivan, CEO of PrimaryBid, said: “We launch in France at a time when companies have a strategic need for financing and when French people want to contribute directly to the country's post-Covid economic recovery. Our overarching ambition is to democratise capital markets, making them accessible to retail investors on equal terms as institutions.”
François De Wiljes, head of France, PrimaryBid, added, “PrimaryBid can help meet the funding needs of listed companies in this post-Covid recovery period, and provides retail investors with the benefits associated with these capital raises.”
Said Anthony Attia, global head of primary markets and post trade at Euronext, the British fintech “is bridging the gap which excluded these investors from taking part in certain transactions.” Retail investors directly own 12% of listed shares in France.