Start-up Payinnov settles in Vierzon and wants to democratize payment in cryptocurrency

Start-up Payinnov wants to bring its “tech” stone to build the “Blockchain Valley” that Vierzon aims to become. Currently based in the incubator of the Sologne technology park, the company wants to set up its headquarters and development offices in the sub-prefecture of Cher.

In the aspiration of the success story of Ledger, a global heavyweight in cryptocurrency security solutions, Payinnov hopes to become the first national facilitator of payments in crypto assets (bitcoin, ether, etc.) that regulate themselves without a bank intermediary through 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’s a meeting with the Dev’Up Centre-Val de Loire, the region’s economic development agency, which accelerated Payinnov’s arrival at Cher.

“Cryptos are mainly used for speculating”

At the origin of its creation, Nadia Domec, who 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 also bought the company Datronic, which specializes in publishing payment software in the ticketing industry, before discovering the world of cryptocurrencies thanks to her son.

Specialized training in this sector allowed him to meet his three future partners, who were already working on a cryptocurrency payments project. Payinnov was born. “We observe that cryptocurrencies 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 attracts more and more companies

Today, only a handful of merchants in France accept bitcoins. Payinnov has developed its Payliko solution to allow the merchant world to enter web 3.0, that is, to accept being paid in cryptocurrencies. This is an application that is installed on a phone or computer. The idea is to first “create partnerships with e-commerce platforms like Shopify, to integrate our solution that will connect directly with your cryptocurrency wallet. The trader will accept whatever cryptocurrencies he wants in the app. There are a dozen major cybercurrencies. “There are no other players in France who are developing this kind of solution”, Nadia Domec is convinced. We are intermediaries, we make the connection between the customer and the shopkeeper. »

Interested traders

Payinnov wants to first focus on online commerce before convincing local physical commerce by integrating its software solution into payment terminals. Even though Payinnov has just piqued the interest of a chocolate maker in Vierzon, a hairdresser-barber near Laval, a luxury brand, a bespoke suit brand in Paris. And a large French bank approached the company.

For Nadia Domec, “luxury goods retailers are hungry for a cryptocurrency payment acceptance solution”, while, according to her, “the next few years could see the global number of crypto-asset users surpass the one billion mark.” in the world. In France, according to a recent study by KPMG, 13% of French people already have this type of virtual currency. They would be 30% by the end of 2022.

The start-up has 25,000 online merchants in 2023. “The development of payment in cryptocurrencies is inevitable”, believes Nadia Domec. To demonstrate that its solution works, Payinnov has already created its “market place”. “We are going to ask potential customers to trust us with products to sell. It is our way of publicizing our solution”, explains Nadia Domec. The start-up intends to be paid for subscriptions to a dashboard and to have a margin on transaction amounts.

looking for investors

Payinnov is looking for investors. It’s not easy to convince them when the company still hasn’t generated sales. Nadia Domec invested 150,000 euros in this project, which was supported by Banco de Investimento Público (50,000 euros) and Réseau Entreprendre (30,000 euros). Her associates also put their hands in their pockets. “We need 1 million euros to hire seven developers. The start-up will undergo an IDO fundraiser based on the cryptocurrency universe before the summer.

A startup incubator created by Éric Lachevêque at Campus Digital

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, creates an interface between the customer and the shopkeeper, it is an innovative approach, answers Éric Larchevêque. You have to do evangelism on both sides because there aren’t 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 tech startups. Also in full collection, Metav. RS, which specializes in blockchain and metaverse (virtual space with augmented and integrated virtual realities), 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 capitalizing on the new economy.

Thomas Migault

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