Fintech star PrimaryBid launches in France with Euronext after bumper year

Fintech PrimaryBid has launched in France in partnership with Europe-wide exchange Euronext after a bumper year.

The retail investor platform, founded in 2016 by former Goldman Sachs banker Anand Sambasivan, already has a deal with the London Stock Exchange allowing the app to put its details on announcements.

Since the pandemic hit big corporates such as FTSE 100 catering giant Compass have used PrimaryBid to complete cash raises, and digital-focused firms listing - including fintech Pensionbee and online caterer Parsley Box - have utilised it to allow customers the chance to participate in their IPOs.

The start-up highlighted that retail investors directly own 12% of listed shares in France, and said its service will launch with direct integration across three major French retail trading platforms: Bourse Direct, Boursorama and EasyBourse.

Sambasivan said: "Our overarching ambition is to democratise capital markets, making them accessible to retail investors on equal terms as institutions.

"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."

Anthony Attia, Global Head of Primary Markets and Post Trade at Euronext, said: “We believe retail involvement in capital markets is beneficial to the entire financial system."

PrimaryBid allows people to register, go through a vetting process and apply for shares in a company. The app then collates investor applications into a single large submission for each firm.

Last October the start-up secured $50 million (£38 million) in investment from shareholders including the London Stock Exchange Group, OMERS Ventures and Fidelity International Strategic Ventures.