Why a banking group As Crédit Agricole chooses to structure innovation through a Corporate Startup Studio ? How does this model create viable companies while offering them Agility and autonomy ?
To talk about it, we welcome Laurent Darmon, innovation director and new activities of Crédit Agricole and founder of La Fabrique by CA, as well as Benjamin SUCHAR, founder of Worklife, a startup recently integrated into the group.
They will come back to the Innovation strategy From Crédit Agricole, the impact of the Startup Studio as an Operating Partner and the way in which a startup can develop within a large group Without losing its entrepreneurial DNA.
🚀 Let’s go for a filter discussion on innovation, AI, and the transformation of the banking sector. Good program!
For six years, Crédit Agricole has structured its approach to innovation through The factory by Caan internal startup that has already given birth to eight startups and made strategic acquisitions, including that of Worklife. This hybrid model, halfway between incubation and investment, allows the banking group to structure projects in line with its strategy while integrating external entrepreneurs.
A strategic lever for innovation
Faced with changes in the financial sector and threats of disruption, Crédit Agricole has chosen to explore an intermediate route Between internal creation and venture capital investment. Laurent Darmon, innovation director and new group activities, underlines this need:
🗣️ “A startup studio is a way of exploring new needs and being able to create new offers with entrepreneurs. »»
Unlike a classic incubator, the by Ca Ca is not content to accompany independent startups: it creates and structures itselfensuring their integration into the group’s ecosystem. This model is also distinguished from traditional investment funds: Each project must respond to a strategic issue identified by Crédit Agricole.
A selective approach to entrepreneurs
The recruitment of project leaders is carried out according to two axes:
- Experienced entrepreneurs Having already founded or managed a business.
- Sectoral experts identified for their in -depth knowledge of a strategic field.
Laurent Darmon specifies: “These are people who have the capacity to project themselves with a vision and to translate an idea into a structured company. »»
Some join the Startup Studio even before having a defined projectdeveloping several ideas until we find the right opportunity.
Worklife: an optimized acquisition
Among the successes of the Startup Studio, the acquisition of Worklifesolution for managing salaried advantages, illustrious the complementarity between startup and large group. Benjamin Suchar, founder of Worklife, explains this synergy: 🗣️ “From the start, we were able to speak the same language around this strategic vision of creating a real HR bank. Integration has been facilitated by the fact that there is a real gateway between the startup and the large company ”
Since its acquisition by Crédit Agricole, Worklife has experienced significant growth:
📈 +200,000 card carriers
📈 Turnover multiplied by 4
📈 Deployment in nearly 30 regional funds
This acceleration is based on the Distribution force of the banking groupwhich allows Worklife to address an unusual SME market in autonomy.
Progressive funding, preserved autonomy
Contrary to popular belief, integration within a large group does not necessarily imply a loss of independence. Worklife retains its operational autonomy, while benefiting from the strategic and financial support of Crédit Agricole as well as its distribution network.
The Startup Studio model is based on progressive funding ::
- Pre-Seed and Seed phase : funded by the by CA Factory.
- Series A : Release from the Startup Studio and potentially internal funds.
- B series and expansion : possible use of other group funding or external investors.
“We have a flexible model that adapts to the strategic need. Some startups remain internally, others can open their capital to external partners if that makes sense. »» explains Laurent Darmon
Banking innovation in the AI era
Artificial intelligence gradually transforms the entire financial sector. For Laurent Darmon, its impact is still underestimated: “We tend to overestimate short-term effects and underestimate those in the medium and long term. We are only at the beginning of history. »»
At Worklife, AI is already an optimization lever thanks to an automatic expenditure categorization engine. Benjamin Suchar insists on the absence of a brake on innovation within Crédit Agricole: “We integrate AI in the same way as if we were independent. It is neither an obstacle nor an accelerator, but an ability to drive our vision. »»
Towards a new approach to acquisitions
If the bank was cautious when overheating valuations between 2020 and 2022, it is positioned today for Take advantage of the drop in prices. Laurent Darmon recognizes a change of approach: “We only did“ make ”, we are now also doing“ buy ”. The important thing is to write history in the long term. »»
The objective is not to acquire at all costs, but Select companies aligned with the group’s vision.
A reproducible model?
The approach of Crédit Agricole, mixing industrialization of business creation and gradual integration of startupscould inspire other large groups. By combining Entrepreneurial autonomy and industrial synergiesthe factory by CA opens the way with This singular role in the startup ecosystem.
