Societe Generale acquires French neobank Shine
By Sunniva Kolostyak
French bank Societe Generale has announced the acquisition of Shine, the neobank which serves over 70,000 self-employed and small businesses in France.
The deal is according to sources worth around €100 million, however, neither Societe Generale nor Shine has commented on the details of the acquisition.
In an announcement, Societe Generale said has been working to further develops its offer for French business and VSE clients, with the ambition of becoming the leader in a rapidly growing sector. The deal with Shine means it can better support entrepreneurs in their growth.
Shine, which is a 100 per cent digital business, offers accounts and a ‘co-pilot’ which supports customers with administrative tasks, including invoicing, calculation of charges and accounting simplification. It will continue working as an independent entity with increased resources.
However, Shine will also be marketed by Societe Generale, which will be able to offer the bank as a solution that is unique on the market, based on a digital offer of reference and recognised expertise, via its network of branches and dedicated business centres Espaces Pros.
Marie-Christine Ducholet, Director of Societe Generale Retail Banking in France, commented: “Through the acquisition of Shine, we will be able to offer entrepreneurs the widest offer in this growing, high-value market. Shine’s model appealed to us because it reinforces our relational promise to offer clients the best of mix of people and digital technology. Finally, there are many synergies with our various businesses allowing us to take our Open Banking strategy to the next level.”
Nicolas Reboud, CEO and Co-Founder of Shine, added: “We created Shine to make the lives of entrepreneurs easier and allow them to concentrate on their business. We are pleased and proud to join Societe Generale group, further proof of the solidity of our model, based on digital technology, human support, and responsible development. This acquisition will provide entrepreneurs with a solution that is still simple but considerably enriched (credit, insurance, payment, etc.). We can’t wait to speed up the work that has been going on for two years!”
By joining the Societe Generale group, Shine will over time be able to include services such as credit, insurance and payments.
Shine also relies on the technological expertise of Treezor, a major supplier of solutions for FinTechs which was acquired by the Societe Generale group in 2018.
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