In 1989, BNP Paribas launched its first microfinance partnership in Guinea. 30 years later,...
LogMote: turning smartphones into single keys
What is LogMote's story?
I cofounded LogMote with three of my former engineer colleagues from SkyRecon, which is another startup I cofounded. We’ve known each other a long time, having worked together for 10 years.
Behind every startup is an idea, but for us, it was more of an observation. We saw how login and authentication tend to pose more problems as the number of passwords we have to remember continues to grow. We wanted to make everyone’s life easier by turning their smartphone into a single, universal key enabling them to login and authenticate their identity in every situation. We like to think of LogMote as a “contactless key to unlock, simplify and accelerate user accessibility.”
How did you get in touch with the FinTech Accelerator by L'Atelier BNP Paribas?
In 2015, the LogMote project was fairly advanced. We’d already submitted a patent application to protect our technology, developed a prototype, and designed test applications to collect user feedback. We worked hard to design the simplest and most efficient solution possible.
That’s when we decided to take part in the first BNP Paribas International Hackathon in June 2015. It was a first for us, and it turned out to be a huge success. Competing on the theme of managing identities within a digital lockbox, we were one of the winning teams in this first hackathon. That paved our way to the Accelerator, along with support from BNP Paribas Retail Banking France: an opportunity that we made sure to seize!
With an already advanced project, what did you expect from the FinTech Accelerator?
The Accelerator was a way to kickstart our commercial development and continue building ties with BNP Paribas Retail Banking France. We also hoped to solidify—and contractualize—our relations with the Group!
It was also an immense opportunity to acquire new skills. After taking part in launching 3 startups, I know that each project is unique: you start nearly from scratch every time.
What stage are you at now?
Things are moving fast. In mid-November, we’ll start a pilot project, and our solution will be deployed among a group of 100 users. Soon, we’ll sign a contract with BNP Paribas. We’re also going to raise funds to assemble a commercial team.
I think we were at the perfect level of maturity to take maximum advantage of the Accelerator. With the professionals from L’Atelier BNP Paribas at our side, everything advanced so quickly. They came to our meetings with the BNP Paribas teams and advised us. They know all about banking in general, and BNP Paribas in particular, while they also have a firm grasp on the operation and constraints of startups. Their presence helped streamline relations and smooth out all the misunderstandings and cultural differences that can arise between a major international group and a little startup.
we were at the perfect level of maturity to take maximum advantage of the accelerator.
“ With the professionals from L’Atelier BNP Paribas at our side, everything advanced so quickly. ”
Co-Founder of LogMote
What advice do you have for startups taking part in future sessions?
To reap the full benefits of this experience, startups need to plan out every aspect of their project and have clear and concrete objectives. A certain level of maturity is essential, because the solutions always come from the startup. The Accelerator does not provide turnkey solutions, but instead offers support and advice that is crucial when trying to work with a major group like BNP Paribas.