French banking group Societe Generale has agreed to acquire local banking-as-a-service platform Treezor for an undisclosed amount. The deal is pending regulatory approval.
Treezor works with 30 fintech firms, offering services such as real-time core-banking system, payment, KYC and personalised card programme. Moreover, it offers payment services via APIs to retailers, neo-banks, and crowdfunding platforms.
The business employs 30 people and also manages up to €3bn in transaction flow per year.
Societe Generale said that it will facilitate the international development of the French fintech. The bank also expects the acquisition to reduce its time to market for developing new services.
Treezor CEO Eric Lassus said: “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.”
The acquisition aligns with the French lender’s open innovation strategy, which aims for collaboration with fintech ecosystems worldwide. Previously, the bank had also purchased fintech firms Fiducéo and Lumo.
Societe Generale chief innovation officer Claire Calmejane said: “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.”