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After years of losses and uncertainties, La Banque Postale is turning the page on KissKissBankBank. Acquired 100% in 2017 for an undisclosed amount but then estimated at more than twenty million euros, the crowdfunding platform has now been sold to its historic competitor Ulule. This operation, the result of a strategic refocusing of La Banque Postale on its banking activities, illustrates the structural difficulties of crowdfunding in a tense economic context.
KissKissBankBank, a pioneer in crowdfunding, would have generated only 2 million euros in turnover in 2023 and has been making losses since its creation. These results reflect a market shaken by inflation, rising interest rates and political uncertainty. Added to this are technological and compliance costs which weigh on the profitability of platforms. All in a context of rationalization of the activities of La Banque Postale, which has decided to withdraw from its activities in solidarity finance.
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This sale, the amount of which has not been communicated, is part of a piecemeal sales strategy. At the beginning of November, Lendopolis, a subsidiary specializing in financing renewable energies, was sold to Lendosphere. Other entities in the group, such as Goodeed (solidarity advertising) and Youmatter (CSR training), are also about to be sold.
For Ulule, this acquisition is an opportunity to consolidate its position in a market where concentration of volumes becomes essential to achieve profitability. Thus the CEO of ULULE, Alexandre BOUCHEROT exclaims on Linked In with a “yipi yipi yeah!!! The new set represents 80,000 projects financed, €480m collected, and 9 million contributors. “. It is also a strengthening of the teams with the integration of around twenty KissKissBankBank employees into those of ULULE which has nearly fifty employees.
ULULE, which boasts three consecutive years of profitability, has diversified its activities, reducing its dependence on crowdfunding, which now represents 40% of its revenues. The company turned to training and launched Ulule Boutique, a marketplace dedicated to committed brands.
