French banking major Societe Generale has announced the acquisition of Shine – the neobank for entrepreneurs – to expand its offerings.
As part of its group development plan, the bank will extend its pool of services for business clients through this acquisition.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataShine and Societe Generale will build broad synergies across the group by offering credit, insurance, and payments services to the neobank’s clients.
The synergies will complement Shine’s ambitions to simplify banking experience for new and existing clients.
Shine offers a 100% online business account along with a ‘co-pilot’ for conducting administrative tasks like invoicing, calculation of charges, accounting simplification, and more.
Launched in 2018, the neobank has served over 70,000 entrepreneurs. Its functions rely on the technology of Societe Generale-acquired startup Treezor.
Shine co-founder and CEO Nicolas Reboud said: “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.”
Societe Generale will offer Shine’s products to its business clients along with a more extensive solution, including advisers, and eliminating the need to change banks.
The latest acquisition, along with the previous acquisitions of Fiduceo, Lumo and Treezor, confirms the bank’s role in fintech ecosystem and its ability to work with startups.
Societe Generale director of retail banking Marie-Christine Ducholet said: “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.”