• Thu. Jul 25th, 2024

Societe Generale Sells French Fintech Shine to Ageras

John Wise

ByJohn Wise

Jul 5, 2024
Ageras SME

Danish firm Ageras and Societe Generale have reached an exclusive agreement. This will see the former acquire the fintech Shine.

It is the largest acquisition of the company to date, amongst the eight acquisitions it has made so far. It comes after the company had announced a fundraising round in April worth €82 million.

The Agreement

Ageras plans on expanding its position in France and this latest acquisition will help the fintech in doing so.

It will be able to strengthen its existing position as an accounting and banking software provider catering to small and medium enterprises (SMEs).

The Danish fintech had first entered the French market in 2021. It had acquired Zervant, a pan-European invoicing software. Since then, it has been focused on the region.

With the acquisition of the banking product that Shine offers, Ageras will be able to cater to the entire lifecycle of small businesses in France.

It would encompass functions, such as company formation, accounting, invoicing, payments and daily banking.

Moreover, Shine is also known for its technological prowess and expertise in the banking sector. This would help Ageras in improving its banking activities within Europe.

The Benefit

The transaction is expected to be complete in the first half of the coming year. It is one of the two major acquisitions that Ageras aims to make before its potential public listing in 2026.

They will help the fintech in developing a pan-European leader in accounting and banking software. Ageras’ CEO, Rico Andersen, highlighted the benefits of the acquisition to Ageras.

He said that they would be able to deliver a complete financial solution to French clients in the same way as other markets.

This would be possible with the combination of their own accounting, banking and business software and the banking product that Shine offers.

The CEO said that they were impressed with what Shine had done and were looking forward to working with their team for developing a leading financial leader catering to SMEs in France as well as Europe.


In 2017, Shine had been launched in France to assist small businesses and self-employed individuals. In 2020, Societe Generale had become the company’s major shareholder.

Shine’s offering is not just limited to a business account. The neobank also has a ‘co-pilot’ solution that delivers a full banking services to SMEs with adjacent features.

These include company formation, payments and invoicing. CEO of Shine, Jean-Baptiste Sciandra, also talked about the sale.

He said that they already had a strong market position due to their superior banking product, excellent support and transparent pricing.

He added that with Ageras, they would be able to offer a more comprehensive and improved offering to small businesses across Europe, as daily banking, accounting and invoicing become more reconnected.    

John Wise

John Wise

John Wise is a seasoned fintech analyst and writer with over a decade of experience in the field. With a Master’s degree in Computer Science from MIT, he specializes in simplifying complex financial technologies for a broad audience. At FinTech Service Reviews, John provides insightful and thorough reviews, helping readers navigate the evolving landscape of financial technology with ease.

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