Societe Generale to sell subsidiary Shine to Ageras

SME Banking
20/06/2024 News

Societe Generale Group has entered into an exclusive agreement with Ageras to sell its subsidiary Shine, an online business account provider for small businesses and entrepreneurs. This strategic move is part of Societe Generale's effort to streamline its operations and concentrate on its core retail banking network in France, known as SG, which focuses on professional customers through expert advisors and omnichannel support.

Digital Reinvention
13/06/2024 Article

Financial Innovation Spotlight: June 2024 edition

The sale and transition

As part of the proposed sale, Ageras will acquire all of Shine's activities and employees. The completion of this transaction is subject to the necessary social procedures, customary conditions precedent, and approval from financial and regulatory authorities. The sale is expected to be finalized in the first half of 2025.

About Shine

Shine was launched in 2018 to simplify the lives of self-employed individuals and small businesses. Within two years, it became a leading neobank, serving over 70,000 entrepreneurs. Shine offers a 100% online business account along with tools to assist with administrative tasks such as invoicing, charge calculations, and accounting simplification, allowing clients to focus on business growth.

Shine distinguishes itself as a responsible neobank, providing a balanced range of innovative services and online support from a team of experts available seven days a week. It leverages the technological expertise of Treezor, a fintech solutions provider acquired by Societe Generale in 2018.

Societe Generale acquired Shine in 2020, and the upcoming sale to Ageras marks a new chapter in Shine's growth and contribution to the entrepreneurial ecosystem.

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