Shine joins a growing list of fintechs acquired by the French investment bank since 2015.
French investment bank Société Générale has today revealed that it has acquired challenger bank Shine, an entrepreneur-focused digital bank.
Shine, which has amassed over 70,000 in just two years, offers SMEs and self-employed people a fully digital bank account and several other helpful features, such as invoicing, accounting and tips on how to better run their business.
The fintech will continue to develop independently from Société Générale, with the hope to grow organically with the support of the French bank.
Société Générale plans to use the challenger to extend its own business banking offering and will offer Shine’s services to its existing business banking clients.
Marie-Christine Ducholet, director of Société Générale retail banking in France, said: “Through the acquisition of Shine, we will be able to offer entrepreneurs the widest offer in this growing, high-value market.”
Earlier this year, Shine was also awarded B Corp certification which is only given to companies that have the highest standards of social and environmental awareness, public awareness and legal accountability.
Nicolas Reboud, CEO and co-founder of Shine, said: “We created Shine to make the lives of entrepreneurs easier and allow them to concentrate on their business.”
“This acquisition will provide entrepreneurs with a solution that is still simple but considerably enriched. We can't wait to speed up the work that has been going on for two years!”
Since 2015, Société Générale has acquired several startups and fintechs including Lumo, a renewable energy-focussed crowdfunding platform and payment processing fintech Treezor.
The value of the deal was not disclosed by either party.