• Societe Generale retail banking in France further develops its offer for business and VSE clients, with the ambition of becoming the leader in a rapidly growing sector.
• Shine is continuing its independent development with increased resources and will be marketed by Societe Generale in addition to its existing offer.
• As such, Societe Generale offers a solution that is unique on the market, based on a digital offer of reference and recognised expertise, via its network of branches and dedicated business centres Espaces Pros.
• Synergies between Societe Generale and Shine will better support all entrepreneurs in their growth.
Created to make the lives of the self-employed and small businesses easier, Shine rapidly became a leading neobank, serving over 70,000 entrepreneurs, in just two years. Much more than a bank, Shine offers a 100% online business account as well as a « co-pilot » to support them with their administrative task (invoicing, calculation of charges, accounting simplification, etc.) and allow them to focus on their business and development.
Shine is one of the few French Fintech companies that has proven its ability to quickly attract entrepreneurs through its position as an innovator and the quality of its offer. Shine will continue to develop independently with the aim of supporting new clients in a spirit of innovation and responsibility, both socially and environmentally, which has been an important factor since its creation. Its two founders, Nicolas Reboud and Raphaël Simon, have effectively based its development on strong convictions and values, such as social engagement and the development of their staff. The neobank was also recently awarded B Corp certification. This demanding international label recognises its commitment in six areas: the environment, society, employees, governance, community, and clients.
Societe Generale will also market Shine products to business clients that prefer 100% online management and low-cost services. When the level of business activity and needs of these clients evolve, Societe Generale will provide them with a more extensive solution, including the expertise of advisers, in a seamless continuum and without having to change banks.
After developing its commercial strategy with the creation of over a hundred dedicated business centres, Espaces Pros, Societe Generale has extended its range of services for business clients in line with the strategic focus of the Group’s development plans.
Beyond the complementary nature of the offers, the coming together of Societe Generale and Shine will help develop broad synergies across the Group. Services, such as credit, insurance, and payments, can be offered to neobank clients in accordance with Shine's mission to always simplify the banking experience for entrepreneurs.
The synergies created between the two partners will allow us to move faster and further to serve new business clients with the ambition of becoming the French leader in this market.
Societe Generale, the first French bank to acquire a Fintech in 2015 with Fiduceo and, more recently, with Lumo and Treezor, confirms, with the acquisition of Shine, its major role in the Fintech ecosystem and its ability to work with startups.
‘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. Finally, there are many synergies with our various businesses allowing us to take our Open Banking strategy to the next level’, explained Marie-Christine Ducholet, Director of Societe Generale Retail Banking in France.
‘We created Shine to make the lives of entrepreneurs easier and allow them to concentrate on their business. We are pleased and proud to join Societe Generale group, further proof of the solidity of our model, based on digital technology, human support, and responsible development. This acquisition will provide entrepreneurs with a solution that is still simple but considerably enriched (credit, insurance, payment, etc.). We can't wait to speed up the work that has been going on for two years!’ added Nicolas Reboud, CEO and co-founder of Shine.
Launched in 2018, Shine raised €10.8 million from Daphni, Kima Ventures, XAnge, and several business angels.
The transaction will not have a significant impact on the Societe Generale group’s CET1 ratio.
socgen.com
shine.fr
• Shine is continuing its independent development with increased resources and will be marketed by Societe Generale in addition to its existing offer.
• As such, Societe Generale offers a solution that is unique on the market, based on a digital offer of reference and recognised expertise, via its network of branches and dedicated business centres Espaces Pros.
• Synergies between Societe Generale and Shine will better support all entrepreneurs in their growth.
Created to make the lives of the self-employed and small businesses easier, Shine rapidly became a leading neobank, serving over 70,000 entrepreneurs, in just two years. Much more than a bank, Shine offers a 100% online business account as well as a « co-pilot » to support them with their administrative task (invoicing, calculation of charges, accounting simplification, etc.) and allow them to focus on their business and development.
Shine is one of the few French Fintech companies that has proven its ability to quickly attract entrepreneurs through its position as an innovator and the quality of its offer. Shine will continue to develop independently with the aim of supporting new clients in a spirit of innovation and responsibility, both socially and environmentally, which has been an important factor since its creation. Its two founders, Nicolas Reboud and Raphaël Simon, have effectively based its development on strong convictions and values, such as social engagement and the development of their staff. The neobank was also recently awarded B Corp certification. This demanding international label recognises its commitment in six areas: the environment, society, employees, governance, community, and clients.
Societe Generale will also market Shine products to business clients that prefer 100% online management and low-cost services. When the level of business activity and needs of these clients evolve, Societe Generale will provide them with a more extensive solution, including the expertise of advisers, in a seamless continuum and without having to change banks.
After developing its commercial strategy with the creation of over a hundred dedicated business centres, Espaces Pros, Societe Generale has extended its range of services for business clients in line with the strategic focus of the Group’s development plans.
Beyond the complementary nature of the offers, the coming together of Societe Generale and Shine will help develop broad synergies across the Group. Services, such as credit, insurance, and payments, can be offered to neobank clients in accordance with Shine's mission to always simplify the banking experience for entrepreneurs.
The synergies created between the two partners will allow us to move faster and further to serve new business clients with the ambition of becoming the French leader in this market.
Societe Generale, the first French bank to acquire a Fintech in 2015 with Fiduceo and, more recently, with Lumo and Treezor, confirms, with the acquisition of Shine, its major role in the Fintech ecosystem and its ability to work with startups.
‘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. Finally, there are many synergies with our various businesses allowing us to take our Open Banking strategy to the next level’, explained Marie-Christine Ducholet, Director of Societe Generale Retail Banking in France.
‘We created Shine to make the lives of entrepreneurs easier and allow them to concentrate on their business. We are pleased and proud to join Societe Generale group, further proof of the solidity of our model, based on digital technology, human support, and responsible development. This acquisition will provide entrepreneurs with a solution that is still simple but considerably enriched (credit, insurance, payment, etc.). We can't wait to speed up the work that has been going on for two years!’ added Nicolas Reboud, CEO and co-founder of Shine.
Launched in 2018, Shine raised €10.8 million from Daphni, Kima Ventures, XAnge, and several business angels.
The transaction will not have a significant impact on the Societe Generale group’s CET1 ratio.
socgen.com
shine.fr
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This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors.
Any views expressed on this website by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change.
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