The start-up Payinnov wants to take his “tech” stone to the building of the “Blockchain Valley” that Vierzon wants to become. Currently housed in the incubator of the Sologne technology park, the company aims to locate its headquarters and development offices in the Cher subprefecture.
In pursuit of the success story of Ledger, the global heavyweight in cryptocurrency security solutions, Payinnov hopes to become the first national facilitator of payments in crypto assets (bitcoin, ether, etc.) among merchants, these digital currencies of exchanges and investments that being self-regulated without a banking intermediary via the blockchain, the global traceability technology.
Payinnov is a young start-up born in Paris, in June 2021, where it is incubated at Télécom Paris. It is a meeting with Dev’Up Centre-Val de Loire, the economic development agency of the region, which accelerated the arrival of Payinnov to the Cher.
“Crypts are mainly used for speculation”
At the origin of its creation, Nadia Domec, who has worked for a long time in the payment services sector (Ingenico, the Bank Card Group) but also in the Canal + group where she was director of e-commerce and security. She had also bought the Datronic company, which specializes in publishing payment software in the ticketing sector, before discovering the world of cryptocurrencies thanks to her son.
A specialized training in this sector allowed him to meet his three future partners, who were already working on a project of payments in cyptocurrencies. Payinnov was born. “We have found that cryptos are mainly used for speculation, they are not made in the real world. This is evidenced by the high volatility of bitcoin.
In Vierzon, the Sologne technology park is attracting more and more companies
Today, only a handful of traders in France accept bitcoins. Payinnov has developed its Payliko solution to allow the trading world to access web 3.0, in other words to accept being paid in cryptocurrencies. This is an application that is installed on a phone or computer. The idea is to first “establish partnerships with ecommerce platforms such as Shopify, to integrate our solution that connects directly to its crypto wallet. The merchant accepts all cryptos they want in the app. There are about a dozen major cyber currencies.”There are no other players in France who develop these kinds of solutions”, Nadia Domec is convinced. We are intermediaries, we make the connection between the customer and the merchant. »
Sellers already interested
Payinnov wants to focus on online commerce before convincing local physical commerce by integrating its software solution into payment terminals. Even though Payinnov has just aroused the interest of a chocolatier in Vierzon, a hairdresser-barber near Laval, a luxury brand, a brand of tailor-made suits in Paris. And a major French bank has approached the company.
For Nadia Domec, “luxury goods retail is hungry for a solution for accepting payments for crypto assets,” while, she says, “the global number of crypto users may well increase in the coming years – assets surpassing the billion in the year.” In France, according to a recent study by KPMG, 13% of French people already have this kind of virtual currency, and by the end of 2022 this will be 30%.
The start-up is counting on 25,000 online merchants in 2023. “The development of payments in cryptocurrencies is inevitable”, is the conviction of Nadia Domec. To demonstrate that his solution works, Payinnov has already created his “marketplace”. “We will ask potential customers to entrust us with products to sell. It is our way of promoting our solution,” explains Nadia Domec. The start-up wants to be reimbursed on subscriptions to a dashboard and take a margin on the amounts of transactions.
Looking for investors
Payinnov is looking for investors. Not easy to convince them if the company has not yet generated revenue. Nadia Domec has invested 150,000 euros in this project, which has received support from the Public Investment Bank (50,000 euros) and the Réseau Entreprendre (30,000 euros). His co-workers have also put their hands in their pockets. “We need 1 million euros to hire seven developers. The start-up will go through an IDO fundraiser, based on the universe of crypto assets, before the summer.
A startup incubator created by Éric Lachevêque in the Digital Campus
Payinnov will join the future B3 incubator, created by Éric Larchevêque, co-founder of Ledger. Nadia Domec hopes to convince this investor known to the general public with the M6 program Who wants to be my partner?. “Payinnov responds to needs, it creates an interface between the customer and the merchant, it is an innovative approach,” replies Éric Larchevêque. You have to evangelize on both sides because there is not enough uses of crypto for traders to equip themselves with. †
Payinnov also hopes to take advantage of the proximity to the Algosup school of software developers to develop in Vierzon.
The city definitely attracts technology start-ups. Also in full fundraising, Metav. RS, specializing in blockchain and the metaverse (virtual space with augmented and integrated virtual reality), plans to open four offices in Paris, Angers, Vierzon and Hong Kong and is recruiting 3D developers and designers. From virtual to real, Vierzon is responding to the new economy.