The deal will add to the bank’s fintech ecosystem and will support SocGen’s small business and entrepreneur customers. According to reports, SocGen paid €100m for the French fintech startup, which has built up a customer base of 70,000 entrepreneurs in the two years since its launch.
Shine will operate independently from Société Générale and will still accept new customers — the two co-founders are staying at the helm of Shine. But the two companies have plans to cross-promote their respective offerings. Société Générale could offer Shine to its business customers. And as freelancers start working with other people and turn their small independent business into a full-fledged company, Shine could also tell its customers to choose Société Générale for their business bank account.