Why Build A Bank In Elixir – Memo Bank’s Story
Elixir is a programming language that runs on the BEAM VM – the same virtual machine as Erlang – and can be adopted right throughout the tech stack. Elixir is designed to combine Ruby’s familiar syntax with the guaranteed performance, scalability, and resilience of Erlang. When choosing a programming language for software development within FinTech and financial services, uptime and fault-tolerance are of mission-critical importance and this is where Elixir will often be the right tool for the job.
Here we take a look at the success story of Elixir in FinTech with Memo Bank, the first independent bank to be created in France in the last fifty years, that has just completed a new fundraising round of €13 million.
This was the ambitious starting point for the genesis of Memo Bank, we will examine why and how they chose to build a fast, innovative, and secure banking system from scratch using Elixir as the programming language of choice.
Memo was founded in 2017 and serves the European small and medium businesses (SMB) market, helping them to manage cash flows and fund their growth as a bank ‘designed by business people for business people’. The French based bank provides all the services you’d expect from a business bank, from current accounts to credit lines.
