Société Générale, France’s third-largest bank, announced on Thursday it has acquired French fintech startup, Treezor. The latest acquisition comes just a few months after Société Générale acquired Lumo, the pioneering crowdfunding platform dedicated to renewable energies.
Founded in 2015, Treezor is described as one of France’s pioneering Banking-as-a-Service platforms, providing services across the entire payment chain through API to many innovative financial-sector companies. The company has notably developed an innovative payment platform in collaboration with its clients, such as retailers, neo-banks, client to client and crowdfunding platforms, through APIs.
“Treezor 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. The company offers services to 30 licensed and unlicensed Fintechs. Over the past two years, Treezor grew to manage up to €3 billion in transaction flow annually and issued 300,000 payment cards.”
Speaking about the acquisition, Claire Calmejane, Chief Innovation Officer of Societe Generale, stated:
“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.”
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.”