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Societe Generale to acquire French neobank Shine

Christian Fernsby ▼ | July 1, 2020
Société Générale is set to acquire Shine, a French challenger banking service for freelancers and small businesses.
Societe Generale
Shine   Societe Generale
Shine will operate independently from Société Générale but will likely cross-promote offerings with the bank. This could see each firm referring business clients to the other.

Topics: Societe Generale French Shine

The start-up’s co-founders will remain heads of Shine. Co-founder and CEO, Nicolas Reboud, says that the acquisition will see the fintech expand offerings around credit, insurance, and payments.

Société Générale’s French retail banking director, Marie-Christine Ducholet, says the start-up appealed to the bank because it fitted in to its “people and digital technology” mix.

The director also cites without going into any detail the potential open banking opportunities which could come out of the acquisition.