One of the largest banks in France, Societe Generale, has acquired an online car purchasing platform Reezocar.
Launched in 2014, Reezocar aids in the process of purchasing and financing used cars in France as well as elsewhere in Europe. The start-up currently reports 150 employees, has become a leader in the online distribution of used cars with over 2 million visitors per month and a catalog of 7 million car listings.
Societe Generale is boosting an existing relationship while expanding the type of services it offers as it sees the potential for synergies with the Group’s businesses.
Societe Generale will be able to provide financing as well as insurance to purchasers – via Societe Generale Assurances. The acquisition arrives two years after the acquisition of a stake by CGI Finance, a subsidiary of Societe Generale. Societe General says this is a new step that accelerates the existing partnership and the potential for new offerings.
This transaction will allow Reezocar to further enrich its service offering, particularly in the insurance sector, by accessing innovative solutions from Societe Generale Assurances, which Reezocar is keen to integrate into its model.
Reezocar will be able to leverage Societe Generale Group’s global presence as it expands both in France and internationally.
Societe Generale claims to be the first French bank to have acquired a Fintech in 2015 with Fiducéo, and more recently with Shine and Treezor. The acquisition is said to confirm with its major role within the ecosystem and its ability to collaborate with startups.
Claire Calmejane, Chief Innovation Officer of Societe Generale Group, issued the following statement on the investment:
“Reezocar’s platform business model, its innovative positioning and the quality of its offer appealed to us because it strengthens our customer relationship promise. Synergies with our different businesses are numerous and allow us to go further in our Open Banking strategy.”
Laurent Potel, co-founder and CEO, and Vincent Deboeuf co-founder and CTO, of Reezocar, added:
“Reezocar’s mission is to simplify, secure, and streamline the customer journey in order to offer the best possible shopping experience. We are proud to join Societe Generale Group and to pool our know-how to continue our development. Tristan Pillon together with us and the whole Reezocar team are committed in this new stage in our history. Our ambition is to provide our customers with an enhanced offer and to continue our strong growth.”