Société Générale is acquiring freelancer challenger bank Shine
1 July 2020
Société Générale is acquiring French startup Shine. Terms of the deal are undisclosed. According to a source, Shine is getting acquired for around €100 million in an all-cash deal (around $112.6 million). […]
And it’s been working well with 70,000 freelancers and very small companies using Shine for their bank account. But Shine is built on top of Treezor, a banking-as-a-service company that provides financial services and debit cards to other fintech companies. At this scale, it would make sense for Shine to build its own infrastructure.
Shine has taken a different decision and is joining Société Générale, which also happens to be the company that acquired Treezor a few years ago.