Crédit Agricole Consumer Finance has announced the acquisition of Pledg, a provider of buy now pay later (BNPL) services. Terms of the deal were not revealed.
Pledg was founded in 2016 aiming to serve companies operating in B2C/B2B and financial institutions wishing to launch their own SaaS payment facilities solution.
CA Consumer Finance currently manages around €113 billion of outstanding credit.
According to a statement issued by Credit Agricole, Pledg currently has over 200 partners, generating around €220 million during 2023.
The bank said it would benefit from the purchase by acquiring expertise and the tech tools, like Open Banking, utilized for credit scoring and managing credit.
Nicolas Pelletier, CEO of Pledg, said they are pleased with the acquisition, which confirms the merit of their business. He called Crédit Agricole Consumer Finance the buyer of choice due to the number of merchants served and their know-how in consumer credit. Pelletier said their employees are delighted to support the bank’s ambitions.
“The acquisition of Pledg is an opportunity to consolidate our split payment activities, both on e-commerce journeys and at points of sale. This operation allows us to benefit from cutting-edge expertise, which will position Sofinco as the benchmark player in the French market. It is a service that has become essential to meet the demands of our various partners and end customers,” said Franck Oniga Managing Director of Sofinco. [translated]