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Four year after acquiringShine , a French fintech startup that offers bank accounts to freelancers and very small companies , Société Générale has announced programme to sell Shine toAgeras .
In 2020 , TechCrunchreportedthat Société Générale spent around € 100 million to acquire Shine . It was n’t a huge skill but it attracted quite a bit of reporting at the clip , as it was more than just a technical school or talent deal . Société Générale is n’t a name that add up up very oftentimes in technical school startup accomplishment news .
In short , the fiscal institution wanted to reduplicate BoursoBank ’s success in online banking — but this time with freelancer and business banking . With today ’s news , the French banking giant star admits that it never really figured out what to do with Shine .
As for Ageras , you might not be familiar with the company but it has been a consolidator in the fintech and accounting place for the preceding few year . The Danish company was founded in 2012 as an online marketplace that matches small businesses with accountant and bookkeepers .
More recently , the inauguration repositioned its offering . It now want to provide an all - in - one fintech political program for modest business sector that incubate banking , accounting , taxation filing , etc .
The society also raised$73 million in 2021and another$88 million in April 2024(€82 million ) , meaning that it has a short ton of cash for acquisitions . Ageras acquiredBillyandSalaryin Denmark;Tellowin the Netherlands;Zervant , a Pan - European invoicing Cartesian product ; andKontist , a German challenger bank for free-lance . It has also developedMeneto , an accounting merchandise for freelance that remind me ofIndy in France .
As you may see , Ageras is building a portfolio of companies that offer adjacent products . In some ways , Kontist , Tellow and now Shine more or less offer the same product . When you make an story , you get an IBAN and a wag . you could make invoices , pick up money from your clients , get reminders when it ’s time to pay your taxes and generate account statement exports .
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This M&A scheme is a way to branch out the society ’s step in Europe as fintech still remain a fragmented market — there are some outliers that manage to successfully attract customers in multiple countries but those are exception .
Shine presently has more than 100,000 customers while Ageras attend 300,000 customer in Denmark , France , Germany and the Netherlands . In 2023 , Ageras describe € 31.7 million in revenue ( $ 34 million at today ’s exchange pace ) .
Ageras and Société Générale have signed an exclusive acquisition understanding — with the transaction pending regulatory headroom .
While terms of the deal remain unrevealed , Ageras pronounce it expects to shut the dealings at some spot during the first semester of 2025 . It added that it plans to keep all of Shine ’s employees and activity .
