French startup Memo Bank has actually unveiled three different prepare for its brand-new customers. The company is constructing a service bank for small and medium companies that create between EUR2 million and EUR50 million in yearly turnover.

Previously this year, Memo Bank acquired licenses from the French regulator (ACPR) and the European Reserve bank to become a credit organization. It can offer all the services you ‘d expect from a business bank, from current accounts to credit lines.

On paper, Memo Bank’s bank accounts look a lot like a software-as-a-service item. There are three various strategies. For EUR49 per month, you get one user account and each extra account costs EUR10 per month. You get 20 transactions in and out per month, each additional deal expenses EUR0.40 per transaction.

For EUR149 monthly, you can create as lots of user accounts as you desire and you get 200 transactions per month. Once again, extra deals cost EUR0.40 per transaction.

And if you manage a lot of deals, you get endless deals for EUR399 per month. The mid-tier plan also lets you access a licensed overdraft.

Surprisingly, companies on the leading two tiers will earn interests on their deposits– 0.15% up to EUR100,000 and 0.30% approximately EUR200,000 for the leading two plans respectively. Memo Bank isn’t pointing out checks or payment cards in the meantime.

Image Credits: Memo Bank The startup is also saying that its web platform need to work better than your average banking website. The search function works as anticipated, you can provide grouped transfers to pay your workers and you can establish an approval workflow for huge deals.

More importantly, Memo Bank is open for organization to issue loans. Business can apply to get a EUR20,000 to EUR200,000 loan and pay back over 1 to 7 years. With this product, the startup is competing with online financing platforms, such as October.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.