Societe Generale has acquired French Banking-as-a-Service platform Treezor as part of its "open innovation" strategy of cosying up to the fintech community. Financial terms of the deal were not disclosed.
Founded in 2015, Treezor provides services across the payment chain via APIs to clients including retailers, neo-banks, and crowdfunding platforms.
The firm, which helps with things such as personalised card programmes and KYC, works with 30 fintech firms, and now manages up to EUR 3 billion in transaction flow a year, issuing hundreds of thousands of payment cards.
SocGen says that Treezor and its 30-strong team with its agile system will help the bank reduce time to market when developing new services for its clients.
Meanwhile, Treezor will benefit from the bank's payment, currency and credit services as well as its international reach.
Claire Calmejane, chief innovation officer, SocGen, says: "Societe Generale will support the growth of Treezor’s clients and the transaction will foster the collaboration between our businesses and Fintechs."