French bank Crédit Agricole has announced its plans to buy the Linxo Group, the FinTech startup launched in 2010.
The Linxo Group is a French tech company providing bank data aggregation and payment initiation solutions. The FinTech player provides API technology and complete white label apps for banking and insurance startups.
The acquisition is the culmination of a collaboration between the two that has previously seen the Linxo Group provide an account aggregation solution to Crédit Agricole’s apps.
The deal is pending the approval of the French Prudential Supervisory and Resolution Authority (ACPR).
“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,” said Bertrand Chevallier, CEO of Crédit Agricole Payment Services. “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.”
Bruno Van Haetsdaele, president of Linxo Group, 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.”
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