French telecom company Orange has finalised a deal to acquire insurer Groupama’s 21.7% stake in its online banking arm Orange Bank for an undisclosed sum.

Concurrently, the telecom group also announced plans to invest €230m in Orange Bank to accelerate it business growth.

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Established four years ago, Orange Bank is one of the key neobanks in France and is said to cater to 1.6 million customers in France and Spain.

The telecom firm said that it will continue to invest in the banking platform to maintain its technological edge.

The additional investment will be used by Orange Bank to develop new partnerships with fintechs.

Orange Bank CEO Paul de Leusse said: “We would like to thank Groupama for its commitment to Orange Bank’s success. We are now speeding up our industrial and geographic development strategy for a bank that is inherently designed to be accessible to everyone and used over the mobile phone.”

Following the latest deal with Groupama, which is subject to regulatory approval, Orange will now own 100% stake in the French banking unit.

As per the agreement, Groupama will remain a commercial partner for Orange Bank till 2028.

Groupama CEO Thierry Martel said: “We wish Orange Bank every success with its new strategic development plan.

“We appreciate the partnership we have built over the years with Orange Bank and are determined to continue to work together in the years to come.”

Earlier this year, Orange Bank acquired French neobank Anytime to expand its footprint in the small businesses market.

The lender has also formed a partnership with Younited for credit and a tender process is under development for new insurance offerings.