A versatile NFC card reader for professionals.
10 billion tags and contactless cards are in circulation worldwide. FAMOCO has created a universal NFC reader operating on Android and equipped with 3G, so that professionals can use this contactless technology more easily.
Lionel Baraban, Chief Executive Officer of FAMOCO
Since the beginning of 2014, FAMOCO has been marketing the FX100: a universal contactless card reader, equipped with a 3G module, for use by professionals. The solution runs on Android and allows all types of applications to be built. Thus the device can be transformed into a contactless payment terminal, a checking-in/out system, or even a tool for developing loyalty programs... simply and securely.
FAMOCO’s challenge: to convert this into a winning strategy
In two very encouraging years of operation, the FAMOCO start-up is seeing success:
- 170 customers in 25 countries,
- the “B2B Solutions” award at the 2016 Business France Awards at the Mobile World Congress,
- 50 festivals use the FX100 as a payment solution, just like Hellfest and its 135,000 visitors.
It currently employs 40 people and has opened offices in Hong Kong, Belgium and India.
Ambitious in nature, the start-up hopes to continue its growth momentum, which reached 300% between 2014 and 2015. To achieve this, FAMOCO is looking for new business opportunities for its solution, as well as to expand its sales in France and internationally.
FAMOCO has a promising product, a strong international base, and recognition such as being awarded the “Pass French Tech” label in 2015... The start-up has been successfully launched and it now needs fresh impetus to get to the next stage. It is better for a start-up to have a million customers than a million euros. We are working together to expand the applications and opportunities of its product so as to stabilize its growth over the long term.
Pascal Latouche, Director of Orange Fab France
Selected for the third season of Orange Fab France’s support program, FAMOCO received support from the incubator in spring 2015. As a strong player internationally and with knowledge of local issues, Orange was able to advise the fledgling firm in the contactless sector on the viability of its development plan.
FAMOCO has also used the networking services of Orange Fab to collaborate with other start-ups. These include MyBee, which also comes from Orange Fab France, and SmartSell, incubated by Orange Fab Côte d'Ivoire and Bitwage, incubated by Orange Fab US. These partnerships should lead to new innovations.
Outlook: to become the world leader in its sector
Growing rapidly and supported by Orange, the start-up hopes to become number one worldwide for contactless card reading. In 2016, it expects to supply 50,000 devices internationally and to hire 20 to 25 employees.
In this context, FAMOCO raised €4 million over summer 2015 from investors including BPI (la Banque Publique d’Investissement).
Other success stories in mobile banking and mobile payment:
- Kiss Kiss Bank Bank