Ditto’s strategic pivot to Banking as a Service

Dear customers, partners and all Ditto project supporters,

We are pleased to announce the beginning of a new chapter for Ditto. Going forward, the Ditto brand will solely focus on developing its Banking-as-a-Service (Baas) activity, addressing the needs of FinTech companies and other companies wanting to deploy innovative financial services. Our ambition is to contribute to the digital transformation of the banking industry. Find out more about Ditto’s strategic pivot in this blog article.

Ditto’s mission: provide banking services to SOHOs and SMEs through FinTechs

We have decided to fully allocate our resources to our Banking-as-a-Service activity, which we successfully launched a few months ago. This white label offer is about providing banking and technology solutions to FinTech companies, marketplaces as well as other distribution partners, targeting SOHOs (Small Office, Home Office) and SMEs (Small and Medium-Sized Enterprises). The current FinTech sector in France is extremely dynamic and counts between 500 and 600 start-ups, offering financial and banking services. They have raised €699 million in 2019, a significant increase in comparison to the previous year.

Ditto’s conviction is that financial technologies should be designed in a way to benefit all types and sizes of companies, starting with the existing 4 million SOHOs and SMEs in France. As they do not necessarily have the technology resources, nor the banking license to develop all the needed services to support their business. With this in mind, Ditto will provide them with a wide range of banking solutions, starting with Credit-as-a-Service, a short-term credit for SMEs, which is already up and running! The rest will be gradually launched and delivered throughout 2020, including a capital deposit certificate (Compliance-as-a-Service) necessary to create a business in France as well as bank accounts and cards. Subsequently, Ditto will continue to gradually enrich its offer with easy-to-integrate APIs allowing a seamless customer journey.

Ditto: an ultra-modern technology platform coupled with a banking license

The two factors that will give Ditto an edge and help its position as preferred FinTech partner are its full banking license and its state-of-the-art technology platform. Our French banking license not only allows us to process payments but also offer a full suite of banking services. Ditto’s ultra-modern tech platform will provide our clients with high-throughput real-time processing capacity at minimal operational cost.

We strongly believe in our capacity to support FinTechs’s growth, by delivering easy-to-scale banking services as well as helping partners such as Mansa, Qard and Cegid focus on their core businesses, by freeing them from the complexity of banking regulations.

Finally, this strategic pivot will allow us to put the experience acquired from our Ditto Bank B2C service to help all financial players and bring banking and financial services to the highest level of innovation.

To our Ditto Bank clients: our Customer Service team is at your full disposal to accompany you in the account closing process.

We would like to thank you all as Ditto Bank customers for the trust and support you have given us over the past few years. We are very grateful for having been able to serve you.

The closure of Ditto Bank’s current services (and its mobile application) will be done gradually over the next couple of months and as a result, we will no longer accept any new customers.
You will receive both a letter and an email containing all the necesary information and instructions guiding you through your account closing process. Please rest assured that we have done our utmost to prepare all our teams, including Customer Services, to accompany you at each step.

Thank you for your trust and understanding.

Mung-Ki Woo
CEO Ditto