Reindustrialization and the circular economy: A first in France!

Joffe & Associés (Mathieu Gaudemet and François-Xavier Fumery) is delighted to have advised the Rouen Normandy Metropolitan Area in defining its land strategy and implementing its urban pre-emption right, enabling it to acquire the Chapelle Darblay industrial site and immediately resell it to a major operator committed to maintaining paper manufacturing activities at the site.
A first in France at this scale and a remarkable example of reindustrialization supporting the circular economy!

 

For Nicolas Mayer-Rossignol, Mayor of Rouen and President of the Rouen Normandy Metropolitan Area:

« This is a historic decision for environmental protection, the circular economy, and reindustrialization in France. And it is happening in the Rouen metropolitan area! In October 2021, Chapelle Darblay’s owner, UPM, was planning to sell the plant to a buyer whose project would have meant ending the on-site recycling and processing of paper and cardboard. We therefore exercised our pre-emption right, as permitted under French law, with a view to transferring the site to a buyer capable of preserving and developing its circular-economy expertise.
Today, we are signing the transfer of ownership of the Chapelle Darblay plant and its production assets to Veolia. This is the first time a local authority in France has exercised its pre-emption right over a site of this scale, including its production assets. On the very same day, we are buying and reselling the site — in this case, to the Veolia Group.
Throughout this fight, we stood our ground, notably alongside union representatives, whose commitment was exemplary and without whom none of this would have been possible. We fight for social and climate justice, and for jobs.
»

 

Read the Rouen Normandy Metropolitan Area press release here: MRN Chapelle Darblay Press Release, May 10, 2022 (002)

 

Cashbee steers retail savings toward the investments that best fit their needs

Maddyness article, available here: https://www.maddyness.com/2022/05/04/cashbee-aiguille-epargne-particuliers-vers-meilleur-placement/

 

Cashbee press release, available here: CP_Cashbee_Levée de fonds_040522

 

And that makes two. On Wednesday, May 4, 2022, Cashbee announced a new €5.5 million funding round. The FinTech, backed by La Banque Postale, My Money Group, and business angels, will use the proceeds to “accelerate the development of its all-in-one, responsible savings app.”
The platform gives users access to a wide range of investment products and places a strong emphasis on customer experience in an effort to appeal to as broad an audience as possible. Three years after its launch, the start-up says the assets entrusted to it by users — whose exact number it does not disclose — have reached €140 million, leading it to describe itself as “the benchmark for mobile savings in France.”

 

Building brand awareness through partnerships

 

Cashbee, which raised €1.1 million in seed funding in 2019, has developed an interest-bearing savings account that it says is “among the best-performing products on the market.” According to its website, the interest rate is 2% for the first three months, followed by 0.6% thereafter.
Beyond this fairly conventional savings account, users of the mobile app can also invest in a managed life insurance policy, real estate, or socially responsible investment (SRI) funds. Cashbee says it “ensures that the level of risk is tailored to each user’s profile.” The free-to-use platform features an algorithm that generates personalized investment recommendations.

 

The start-up, whose app is available on Android and iOS, says it “offers savings products to the communities of unicorns such as Qonto and Lydia.” It has made securing partnerships of this kind one of its strategic priorities in order to build brand awareness.
Cashbee says opening an account takes no more than six minutes, arguing that this speed is one of its key advantages over traditional banks, whose administrative processes are often criticized as cumbersome. At the same time, it maintains the same level of security: its service is licensed by the French Prudential Supervision and Resolution Authority (ACPR), part of the Banque de France, while users’ deposits are held with French bank My Money Bank. This means they are covered by the Deposit Guarantee and Resolution Fund for up to €100,000 in the event of a problem.

 

It is worth noting that the start-up’s participation in Platform58, La Banque Postale’s incubator, played a role in the bank’s decision to invest. “This holds particular significance for us. We are convinced of the relevance of its offering, which makes saving simpler and more accessible, in line with our commitment to serving the public interest,” commented Olivier Lévy-Barouch, Deputy CEO of La Banque Postale, in charge of Finance and Strategy, in a press release. He added that he was “confident in the team’s ability to accelerate its development in France and across Europe.”
Cashbee is therefore expected to soon turn its attention to international expansion.