Société Générale to Sell Shine Neobank to Danish Fintech Ageras

Dive into the latest news as Société Générale announces the sale of Shine, a neobank for freelancers and small businesses, to Danish fintech Ageras. Stay informed on the future of digital banking.

Société Générale, a French banking giant, has announced its decision to sell Shine, a neobank focused on freelancers and small businesses, to Danish fintech company Ageras. This move comes after Société Générale acquired a majority stake in Shine back in 2020, with the goal of establishing a presence in the neobanking market through its Banking-as-a-Service (BaaS) subsidiary Treezor.

Over the past four years, Société Générale claims to have made significant strides in growing Shine's customer base and revenue, doubling its customer and employee headcount while tripling revenues. However, faced with a challenging retail and online banking market in France, the decision was made to seek a buyer for Shine, as reported by Les Echos in January of this year.

Ageras, backed by Investcorp, has stepped in to acquire Shine in a deal of undisclosed value. This acquisition aligns with Ageras' strategy to make "1-2 major acquisitions before a potential IPO in 2026". The merger will see Shine's banking products, such as business accounts, debit cards, and a co-pilot solution, integrated with Ageras' accounting, banking, and business software offerings. Additionally, the acquisition will expand Ageras' customer base by over 100,000.

The completion of Ageras' acquisition of Shine is contingent upon applicable social procedures, suspensive conditions, and approval from financial and regulatory authorities. The transaction is expected to close in the first half of 2025.

The sale of Shine by Société Générale to Ageras marks a significant development in the neobanking sector, with both companies poised to benefit from the synergies created by this strategic acquisition.