Societe Generale has purchased French banking-as-a-service platform Treezor as part of its ‘transform to grow’ strategy.
The financial services company said the buy will enhance its ability to deliver innovative services and products to its clients with increased time to market. Financial details of the deal remain undisclosed.
Founded in 2015, Treezor provides services across the payment chain via APIs to clients including retailers, neo-banks, and crowdfunding platforms.
The company helps with things such as personalised card programmes and KYC, works with 30 FinTech firms, and is an electronic money issuer with payment services accredited by the French regulator (ACPR), a principal member of the Mastercard network and part of the SEPA network. Treezor now manages up to €3bn in transaction flow a year, issuing hundreds of thousands of payment cards.
“This acquisition is part of our open innovation strategy and collaboration between FinTechs and banks. Societe Generale will support the growth of Treezor’s clients and the transaction will foster the collaboration between our businesses and FinTechs”, said Claire Calmejane, Chief Innovation Officer at Societe Generale.
Societe Generale said it will now be able to reduce Time to Market when developing new services for its clients, supported by the ‘innovative and agile’ system of Treezor. Meanwhile, Treezor will benefit from the bank’s payment, currency and credit services as well as its international reach.
Eric Lassus, CEO of Treezor, added: “The strength of our value proposition is our ability to anticipate our clients’ needs with a particular focus on the Fintech market. This partnership with Societe Generale will consolidate our leading position in Europe and support our ambition to address even the most demanding projects. This development will increase our offer and our capacity to industrialise.”
Societe Generale was the first French bank to purchase a FinTech when it acquired Fiducéo in 2015, and more recently, Lumo.
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