Societe Generale is acquiring Shine, a French neobank for entrepreneurs, in a deal rumoured to be worth around EUR100 million.
Launched two years ago, Shine has won over 70,000 customers to its online business account and 'co-pilot' feature which helps entrepreneurs with tasks such as invoicing, calculation of charges, and accounting.
SocGen says Shine will continue to operate independently but its products will now be marketed to the French giant's business customers, particularly those looking for 100% online services.
Marie-Christine Ducholet, director, SocGen retail banking, France, says: "Through the acquisition of Shine, we will be able to offer entrepreneurs the widest offer in this growing, high-value market.
"Shine’s model appealed to us because it reinforces our relational promise to offer clients the best of mix of people and digital technology."
SocGen has bought several fintech firms in the last few years, notably Fiduceo and Treezor, which supplies technology to Shine.