Banque Casinos has become FLOA. This is not only a marketing move, but also a strategy shift for the bank. With this move the bank intends to become the leader of “paiements fractionnés” in France, be more active at international level, and become the leader of this market in Europe.
The “paiement fractionné” is the payment that allows the user to pay in several installments without an interest. If the payment deadline is less than 3 months, this implies a “credit à la consommation”. If the payment deadline is more than 3 months, the French legislation implies a different legal treatment of as it can be assimilated with “credit gratuit”.
FLOA will continue to improve and diversify the offer for both physical persons and businesses. For instance, for physical persons the offer will be deployed via FLOA Bank and will allow a fully digital interaction with the bank and a diversified set of solutions for physical persons to get access to mini-instant credits. As for businesses, the services will be deployed via FLOA Pay and will allow the businesses to propose to their clients “paiements fractionnés” up to 36 installments. The bank will mitigate to the business the potential of unpaid installments from their customers, via a rapid access to cash (i.e. under 48 hours).
FLOA aims to deploy at international level all the experience the bank has accumulated in France and in the market of “paiement fractionné”. The bank set as an objective the ceiling of 5 milions clients in 10 European countries until 2025. To get to this objective, FLOA will work together with it traditional fintech partners (i.e. Lydia, Bankin’, CDiscount or Pierres et Vacances).