Crédit Agricole has acquired a majority stake in fintech firm Linxo Group for an undisclosed amount to bolster its position in the French digital payment space.
Linxo, which was founded in 2010, is a bank data aggregation and payment initiation vendor in France.
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The account aggregation vendor offers complete white label apps and APIs for banking and insurance start-ups.
Linxo has been a long-standing partner of Crédit Agricole. It offers the group’s banks an account aggregation solution through their banking apps.
Upon completion of the transaction, Crédit Agricole Group will own over 85% stake in Linxo Group.
The remaining stake will be owned by the directors and founders, who will continue to be associated with the company.
The deal is pending authorisation from ACPR, France’s regulatory authority.
Crédit Agricole Payment Services CEO Bertrand Chevallier said: “The acquisition of this major banking aggregation player in France, a long-time partner of the Crédit Agricole Group, is an important part of our strategic aim of offering customers of the Group’s banks innovative payment services that meet the highest market standards.
“Moreover, it represents a major contribution in terms of technology that will enable the Group to take full advantage of the innovation opportunities offered by changes in regulations.”
Linxo Group president Bruno Van Haetsdaele added: “This transaction enables us to accelerate and strengthen our services for the Crédit Agricole Group, while giving us the opportunity to develop our offering in France and internationally for our clients and prospects with Oxlin, our ACPR-authorised payment institution, and to continue the development of Linxo, one of France’s most popular personal financial management apps.”
