Pumpkin, the refund service between friends, it’s almost over

It’s almost game over for Pumpkin, the money-back service between friends. Crédit Mutuel Arkéa has indeed confirmed that Pumpkin will cease its activities at the end of the year.

In the bosom of Crédit Mutuel Arkéa since 2017, Pumpkin will close its doors at the end of the year. The mutual bank confirmed the decision with the Echoes, thus putting an end to an adventure which ultimately did not bear the fruits hoped for by the group. Despite this very strong support from the banking establishment, Pumpkin has not been able to impose its mark in a very competitive universe.

Very competitive sector

In addition to the cash-to-friends service, Pumpkin had for some time offered a current account and a payment card, aligning its services with the offers of many other fintechs. Too little, too late? Crédit Mutuel Arkéa has however pushed the young shoot to the limit, with a commitment of 15 million euros per year over three years.

But here, despite know-how and the quality of the teams, the initiatives to diversify its offer and the continuous support of the Crédit Mutuel Arkéa group “, Pumpkin was unable to find a stable and sustainable economic model in a ” highly competitive market environment “, deplores the group in a press release. And this, in spite of a large community (1.6 million users).

The company wanted to build a bank for a young clientele who are experienced in mobility and who do not go to the counters to carry out their transactions. For Pumpkin, this decision means the elimination of the entire workforce, or 56 jobs (23 in Lille, 33 in Paris). All employees will be offered at least two job offers. commensurate with their expertise » and according to the geographical preferences of each one.

A job protection plan (PSE) is being drawn up to limit social damage. As far as customers are concerned, they will be informed and supported throughout the coming months, promised Crédit Mutuel Arkéa.

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