Societe Generale has agreed to acquire French Banking-as-a-Service platform Treezor for an undisclosed sum to accelerates its open innovation strategy.
Treezor provides services across the entire payment chain through API to several financial-sector companies.
The acquisition is subject to approval from the French regulator Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Societe Generale said the purchase will enhance its capabilities to deliver innovative services and products to its clients with increased time to market.
Established in 2015, Treezor offers real-time core-banking system, payment, know your customer (KYC) and personalized card program.
The company developed a new payment platform in collaboration with its clients including retailers, neo-banks, client to client and crowdfunding platforms via APIs.
Treezor is an electronic money issuer with payment services accredited by ACPR. It is also a principal member of the Mastercard network and part of the SEPA network. It provides services to 30 licensed and unlicensed Fintechs.
It is claimed that in the last two years, Treezor has grown to manage up to €3bn in transaction flow annually and has issued 300,000 payment cards.
Societe Generale chief innovation officer Claire Calmejane said: “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.”
The French banking giant said it will provide Treezor and its 30 employees with expertise and an industrial capacity to complement the range of services offered by Treezor (BtoBtoC), by providing payment, currency and credit services.
Societe Generale will also support Treezor’s international development.
Treezor CEO Eric Lassus said: “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.”