InsurTech & FinTech newsletter - May 2026

May 2026 continues a particularly dense first half for the InsurTech and FinTech startups in the Mandalore Partners portfolio. Between the rise of artificial intelligence in digital asset security, the acceleration of institutional tokenisation strategies and the democratisation of financial investment among French retail savers, the signals converge towards growing maturity in the sector. An overview of the notable news from our holdings this month.

Ledger

_Source : https://www.linkedin.com/posts/ledgerhq_autonomy-and-security-are-no-longer-a-tradeoff-activity-7455337566951837696-C0LN?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAAIHtkBtjLOoOGIogPh2Fto07GxubTliZo_

The 2026 AI Roadmap enters its Q2 phase: Agent Identity and Agent Skills

After unveiling its AI roadmap last April, Ledger is moving to execution. The second quarter of 2026 marks the launch of two structuring building blocks announced by Pascal Gauthier (CEO) and Ian Rogers, newly appointed Chief Human Agency Officer: Agent Identity and Agent Skills.

Agent Identity is a verifiable digital identity, anchored in Ledger hardware and registered on-chain, assigned to each AI agent using the Ledger stack. This innovation addresses a critical issue: in a world where autonomous agents can trade, manage credentials and interact with smart contracts, the absence of a verifiable identity exposes users to major impersonation risks. Ledger positions hardware as the only inviolable trust anchor — private keys never leave the physical device.

Agent Skills, also planned for Q2, give AI agents programmable access to the Ledger wallet stack: send, swap, staking, portfolio monitoring. MoonPay was the first partner to integrate this approach in production during the Q1 phase: its AI agent identifies trading opportunities and submits each transaction for physical validation on the Ledger device screen.

🔗 CoinAcademy — Ledger AI Roadmap April 2026: https://coinacademy.fr/actu/ledger-ia-roadmap-agents-autonome/

NYSE IPO: preparations are taking shape

Ledger's IPO on the New York Stock Exchange continues to mobilise the teams. Goldman Sachs, Jefferies and Barclays remain mandated to structure the operation, whose target valuation exceeds $4 billion — almost triple the valuation of the last funding round ($1.5bn in March 2023). CEO Pascal Gauthier described 2025 as a "record" year in terms of revenue, estimated in "the hundreds of millions of dollars". With 8 million devices sold in 200 countries, 20% of global crypto-assets secured and 27% of global stablecoin volume, Ledger presents a solid financial profile to appeal to Wall Street. The IPO, if confirmed in 2026, would make Ledger the first European crypto unicorn listed in New York, in the lineage of BitGo (listed in January 2026 at $2.59bn).

🔗 Maddyness — Ledger IPO 2026: https://www.maddyness.com/2026/01/23/ledger-pourrait-debarquer-a-wall-street-des-2026-a-un…

🔗 Yahoo Finance / Cryptonews: https://fr.finance.yahoo.com/actualites/ipo-ledger-2026-ambition-boursi%C3%A8re-140000930.…

Nalo

Heading for one billion euros under management

A subsidiary of Apicil since 2023, Nalo is consolidating its position as a reference in French robo-advisory. The fintech now claims more than 20,000 clients and €400 million in assets under management, with a stated ambition to rapidly exceed the one-billion-euro threshold. This trajectory rests on three strategic pillars: financial performance, pricing accessibility and personalisation at scale.

The performance of the Nalo Patrimoine contract makes the case for the fintech: up to 21.5% on the 100% equities profile in 2024, with all-in management fees of between 0.85% and 1.65% per year — about half those of traditional competitors. Zero entry, exit, contribution or arbitration fees. The 4.8/5 client rating on Google (more than 850 reviews) completes this favourable picture.

🔗 Prosper Conseil — Nalo review 2026: https://prosper-conseil.fr/placements/avis-nalo/

🔗 ComparaBanques — Update 21 May 2026: https://www.comparabanques.fr/nalo

Nalo Flex: flexibility as a competitive advantage

The Nalo Flex contract is now the cornerstone of the offering. Its major distinctive feature: allowing up to 10 distinct investment projects to be opened within a single life insurance contract, without splitting the capital. This "MultiProjet" approach optimises tax efficiency — one contract, one tax seniority — while adapting the allocation to each life objective (retirement, property, precautionary savings, wealth transfer). A strong differentiation versus the market's standardised offerings.

The range is also enriched with a retirement savings plan (PER) insured by Apicil, which applies the same low-cost ETF principles to retirement planning, with the tax advantages specific to the PER. Nalo is today the only life insurance policy in discretionary management that allows several simultaneous projects in a single contract.

🔗 OnlineAsset — Nalo Flex 2026: https://onlineasset.com/avis-nalo/

AI as a lever for financial education

Following on from the April 2026 OpinionWay barometer (81% of French people interested in saving, only 47% in investing), Nalo is deepening its educational positioning. The issue is clear: 52% of under-35s use AI to understand financial concepts, but Nalo recalls that "the technological tool must in no way replace the human critical mind". This differentiating positioning resonates in a context where financial scams are multiplying on social media.

🔗 Boursorama — Nalo survey AI and finance: https://www.boursorama.com/bourse/actualites/sondage-nalo-plus-de-la-moitie-des-jeunes-uti…

Mipise

Post-CAP IT consolidation and RegleTech development

Following its notable presence at CAP IT 2026 in March (Palais des Congrès, Paris), Mipise continues the rollout of its white-label crowdfunding platforms among Banking, Insurance and Finance players. The company — the French market leader with €400 million in cumulative crowdfunding financial flows — continues to support financial players' regulatory adaptation in the face of evolving European compliance. In May 2026, the Guillaume Perinaud / Fatou-Laure Samb team remains active on digital transformation, flow tokenisation and data governance issues. For the latest news, consult the Mipise LinkedIn page directly.

🔗 Mipise — Official blog: https://www.mipise.com/fr/platform_blog_posts

Iznes

Fund tokenisation is rolling out among institutions

IZNES confirms in May 2026 its position as a reference for fund tokenisation in Europe. Following the partnership with Delubac Asset Management (February 2026), the platform exceeds €75 billion in cumulative transactions and counts around thirty user asset management companies — including Rothschild & Co AM, Sienna Investment Managers, La Française, Lazard Frères Gestion, Amundi and Generali France.

The testimony of the Director of unit-linked assets at Generali France sums up the issue: "Using IZNES is of great benefit in our daily work. Recourse to the blockchain allows us to digitise the subscription process end to end and brings us a gain in time and security, in addition to significant savings." In a context where Amundi is also tokenising its first fund in collaboration with CACEIS, fund tokenisation is establishing itself as a structural market movement, and IZNES is positioning itself as a reference infrastructure.

• €75bn in cumulative transactions
• ~30 user asset management companies
• "Best Tokenised Fund Market Infrastructure in Europe" prize — Future of Finance Awards 2025
• Partners: Generali France, Rothschild & Co AM, LBO France, Amundi, BNP Paribas AM, Lazard, Natixis AM

🔗 IZNES.io — Official website: https://iznes.io/

🔗 Delubac — Partnership press release: https://www.delubac.com/actualites/presse/delubac-asset-management-choisit-iznes-pour-la-t…

May 2026 confirms three structuring dynamics in the InsurTech & FinTech universe. First, digital asset security is being reinvented around physical hardware: Ledger's AI Roadmap positions the hardware signer as the only robust response to the era of autonomous AI agents — a thesis that recent crypto thefts facilitated by AI only reinforce. Second, institutional fund tokenisation is leaving experimentation to enter industrialisation, as evidenced by IZNES's rise with its 30+ partner asset management companies. Third, the democratisation of financial investment remains an open project: Nalo is capturing a market of 81% of French savers, but only 47% investors — a gap that robo-advisory, financial education and flexible products such as Nalo Flex are precisely seeking to close.

To stay at the forefront of these trends and follow the news of our InsurTech & FinTech portfolio, find our newsletter each month on mandalorepartners.com.

🔗 Mandalore Partners — All our newsletters: https://www.mandalorepartners.com/newsletter