BNP Paribas buys in to France Pari
French sports betting technology provider France Pari has entered into a capital structure agreement with BNP Paribas Développment, a division of French banking giant BNP Paribas.
Under the arrangement, BNP Paribas Développement will make a €2m investment to become a minority stakeholder, with France Pari using the new funding to increase investment in technology for its Sportnco B2B division.
Franci Pari said that the entry of France Pari into its corporate structure is a major boost and will help it sustain the level growth it has experienced in recent years.
As part of the agreement, BNP Paribas has also established access to a €2.8m (£2.5m/$3.2m) fund alongside Credit Mutuel’s ARKEA division. French public investment bank BPI France has added €500,000 to the fund, which will further strengthen France Pari’s financial resources.
“The arrival of BNP Paribas Développement into our corporate structure is extremely positive and we are delighted about it,” France Pari founder and president, Hervé Schlosser, said. “It will enable us to provide an even better service to our current and future B2B customers in this high-tech sector.
“To work with and have the support of such major institutional investors is also a strong signal of the progress the French igaming industry has made in recent years as it reflects the attractiveness and long-term potential of our sector.”
Emmanuel Del Agua, head of investment at BNP Paribas Développement, added: “The remarkable work that France Pari has accomplished over the past 10 years has enabled it to develop first-rate technical expertise in France and internationally and to become a leader in its sector.
“Our entry into the group’s capital is a further sign of the confidence we have in the future of France Pari/Sportnco.”
The move comes after France Pari last month reported a 13% year-on-year rise in group revenue to €3.5m for the first quarter, primarily due to the performance of its Sportnco arm.