Societe Generale has entered into an agreement to acquire a majority stake in the FinTech PayXpert to strengthen payment solutions in Europe for retail and online merchants.
Societe Generale provides both online and in-store payment solutions.
PayXpert, a FinTech specialised in payment services, offers retail and online merchants secure solutions for accepting customer payments both in-store and remotely.
Societe Generale said the accelerated pace of change in consumer behaviours (buy now pay later (BNPL), integrated insurance services…), new technologies, and the emergence of specialised FinTech’s are reshaping the payments market. Therefore, companies must adapt and innovate to address new customer journeys.
With this acquisition, Societe Generale said it will broaden its offering for retail and online merchants and pursue its ambition to be a leading player in payment acceptance in Europe. Since its launch in 2009, PayXpert has offered payment acceptance services for both card and alternative payment methods, locally and internationally, as well as complementary value-added services across multiple channels – including solutions that cater to blind and visually impaired customers.
The execution of the transaction remains subject to the approval of the relevant authorities
Aurore Gaspar Colson, deputy head of Societe Generale retail banking in France, said, “The acquisition of PayXpert would enhance our payment solutions offering by providing increasingly comprehensive and innovative services to our retail and online merchants. It reflects our determination to maintain an integrated approach to payments and is consistent with Societe Generale’s long-standing and innovative policy of cooperation with FinTechs.”
Nicolas Riegert, founder and CEO of PayXpert, added, “Our shared vision, together with the synergy of the Societe Generale and PayXpert teams, would enable us to consolidate an innovative offering for merchants of all sizes. With a modular and multi-acquirer solution geared towards cross-border and omnichannel needs, the envisaged integration would position us as a first-choice player as new specialists enter the market.”
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